Your house, car, phone, and other daily use devices are going to be “smart” if they aren’t already. Organizations will need to follow suit and become “smarter” to maintain pace with society. Being smart today is a lot different even from 10-20 years ago when it comes to human-machine interactions. According to PwC’s 21st CEO Survey, insurance CEO’s report that their industry is the most disrupted. As insurers mainstream innovation, they will need to make cultural and operational changes. Those that are keen to adopt new core systems, AI and automated processes will flourish. Developing the necessary capabilities requires close collaboration between humans and machines.
Fostering a digital culture where humans have a dialogue with machines vs. simply inputting a task requires a mindset shift. The success rate of a digital transformation is directly related to the people in the organization, more specifically how effectively adoption strategies consider today’s multi-generational workforce.
Too often, digital investments get defined as technology projects rather than opportunities for transformation. It’s important to create the right digital experiences so people understand how they integrate with the overall business strategy.
For leaders, driving transformation at the individual level is central to a successful transformation. It begins with setting a vision for the transformation that is purposeful, generates social cohesion and capitalizes on diversity. This in turn requires a shift in talent priorities including attracting digital talent of which, according to PwC’s 21st CEO survey, half of insurance CEOs are implementing strong efforts to attract and retain people with digital capabilities.
Introducing machines and digitizing processes gives access to a tremendous amount of information and data that can be analyzed. Bionic organizations thrive in this setting with their ability to sift through vast amounts of data and pull key insights. For insurers, this data and information flow is causing innovation to permeate throughout the value chain and change the way business is done.
Tasks insurers have previously done with paper or with people are being automated. This is leading to substantial improvements in front end productivity and claims processing.
With a great amount of data coming in, insurers are able to identify what is needed for individual customer segments.
Insights are able to help us think through strategy and provide internal and external decision-makers with the right information at the right time, helping to inform things such as:
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