"Companies need to commit to speed. Insurance is a highly regulated industry and it is not easy to move quickly, but the fact is consumers are moving at exceptional rates. So the companies that will stand out are the ones that are going to find ways to move a bit faster, at the pace of the people they are insuring".
Scott Simony, head of industry Google
If you are held back by analogue colleagues, fading legacy systems or confused how to proceed read the McKinsey Report below from which above quoter taken.
Above all don't make the Kodak Mistake which was to throw away their very strengths of customer base, digital photography IPR and brand name.
Don't be a Kodak in the insurance field.
What it takes to transform rapidly and at scale Against this backdrop, we interviewed some 30 executives in incumbent and attacking companies to understand their views on how the industry is changing and how to respond. The single message most constantly repeated was the need for incumbents to accelerate their response (see sidebar, “The need to commit to speed”). Most know they cannot afford to wait until evolving technologies turn the market upside down and the competitive advantages they enjoy today evaporate. If history tells them anything, it is that they need to get ahead of the curve. And they will need to do so at scale, ultimately transforming the entire business. What holds them back, however, is deciding how to address the challenge given its enormity.
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