Too much investment, focus and hype has been around incremental aspects of insurance and customer facing distribution. Small bites of the cherry rather than the whole picture.

Insurance embraces a complex supply chain and product portfolio. Digital transformation success requires digital platforms that cover that complete loop and the myriad legacy systems that insurance carriers and brokers have inherited.

Vital as it is, digital claims self-service is only the start. Digital supply chain engagement is equally as important.

  • To inspect, specify and quote remedial work and replacement combining CNF, video & live-streaming to ensure .
  • To reverse-auction agreed claims to contractors 
  • To ensure work is done to specification, time and budget
  • To speed up process and engage the claimant

Not just across one product and region like Lemonade but across the complex portfolios each carrier and broker delivers. These vary country to country often predicated by the companies acquired by today's insurers over time.

The heady days of playing at digitilisation without committing to the whole picture are over. The odd investment here, the digital factory there. Success was easy to proclaim when goals were limited. Now the going gets tougher and the tougher have already got going.

There is a finite pot of premiums for the large insurers to win and compelling research by McKinsey shows that the successful early movers will win the major share of premiums. See:

See : "Winner takes most in digital transformation"

Look for insurtech partners that deliver the full monty- digitalizing the full claims lifecycle across all lines of insurance rather than just a small bite of the cherry