Mary Trussell of KPMG says: “The insurance industry is at an inflection point. To date, insurers have largely embraced digital capability as a supplement to existing customer service channels. Our survey shows a massive 108 percent increase in the number of respondents who want to use digital technology to enter new markets in the next three years as compared with the previous three years.
That reflects growing digital ambition but significantly raises the stakes. Yet around the world we still see many insurers and intermediaries focused on product and channel silos, facing significant challenges from legacy systems rather than unlocking value for customers and investors. This suggests the need for more than digital transformation. Such a transformation represents a massive cultural change.” KPMG
I think the cultural change will come – as the result of a jolting realization of the profound nature of this inflection point. “The computer” has disappeared. “Automation” is done. Technology is now the air we breathe. If you don't take a technology-based viewpoint, you won't be able to compete. And if you're not focusing on your customers' understanding of value, they'll leave you in the dust.