Insures may make strides in becoming digital capable but without an ability to transform themselves, those efforts will fall short.
Many insurers begin their digital transformation by focusing on the process of selling, including distribution and quoting. Typically, that's followed by a focus on claims, then underwriting.
Even for insurers that offer both personal lines and commercial coverage, organizations have made greater strides in becoming digital personal lines insurers.
No insurer can pursue all digital initiatives, so it's wise to choose a path that emphasizes one approach over another.
Adapting to today's digital environment requires agility, not mass. That favors smaller organizations and tightly focused teams. Those who learn to adapt and innovate will prevail.
