"“When you boil it down, there are really three things that if you get right, you’ve just multiplied your chance of success.”

 Markus Berger-de León Digital Partner, Berlin McKinsey Blog

  1. Build a next-gen operating model
  2. Upend the culture
  3. Recruit digitally savvy talent
  4. To which I would add - Digitally committed CEO essential

Results have shown the importance of "build a platform using off-the-shelf components rather than the costly, time-consuming commercial software typically used by insurance companies".

You do not have the time to replace today's core systems and have to employ an army of consultants and developers to optimise the end result. Not to mention the high upfront costs.

Now is is the time for action but an IBM report suggests that is far from most insurance executive's minds - See"Insurance executives’ complacency could be their undoing - IBM"