Insurtech start-ups and their investors paint a simplistic picture of digital transformation. It's one thing to launch a single, simple product in one country. Major Insurers face contradictory pressures to deliver digital transformation across complex product portfolios and globally.
The article below faces these challenges head-on
The Insurance Industry is criticised for being laggards, ignoring disrupters like Hippo and Lemonade and, worst of all, ignorance of the habits and needs of Millennials. Like other businesses rooted in 19th and 20th Century business models and practices they do have serious, contradictory challenges to face when planning digital transformation: - 1. Reconciling speed of settlement with the time to detect and deter fraud 2. Delivering “uber” digital customer experience from complex, inflexible, slow-to-change legacy systems 3. Competing with agile, single product Insurtech competitors like Lemonade whist offering a wide range of products over global markets 4. Improving customer service whilst at the same time stripping out supply chain operating expenses 5. Gaining the right insights from multiple, disparate data and analytics silos to make better decisions