It was just a few weeks ago when I managed to attend one of the highest anticipated events in the insurance industry, TINtech London Market. The event promised to delve deep into the realms of digital transformation within the industry, and I was eager to absorb every bit of knowledge and insight that the speakers had to offer.
Throughout the day, numerous speakers took the stage, each presenting their findings and insights from surveys and real-world experiences. Throughout several of the presentations, there was one recurring theme: digital transformation is not just a buzzword; it's the lifeline of the insurance industry in the 21st century. According to the findings of the survey of KPMG [1], 90% of insurance companies believe that digital transformation is the key component of strategic plans [2]. However, it is worth to mentioned that only about 30% of companies navigate a digital transformation successfully considering the BCG’s survey results [3].
Digital transformation targets providing long-term value for the stakeholders but aligning their objectives in an industry full of friction can be tricky and complex. In today's interconnected world, collaboration is key to driving innovation and staying relevant. Tackling silos through sharing goals, results and having cross-functional teams should always be a priority on companies’ transformation roadmap. Firms need dedicated leaders to synchronize the transformation to the corporate vision, understand the impact, and have a holistic perspective. It's not just about adopting new technologies; it's about fundamentally reshaping organizational culture, processes, and mindset.
As I talked with several industry experts and as someone who works in the insurance sector and is especially interested in Delegated Authority, I couldn't help but think about how important distribution is to the process of digital transformation. With so many different data sources and stakeholders, Delegated Authority sets a special set of difficulties. Yet, it also offers an opportunity to leverage distribution as a solution.
Unified platforms like distriBind, provide a centralized hub for all forms of data and enable companies to gain a unified vision of their operations. Silos are dismantled, and datasets are seamlessly integrated, empowering organizations to make data-driven decisions with confidence, while at the same time reducing costs, and time and improving efficiency. Collaboration and innovation are promoted through distriBind across the ecosystem, as it bridges the gap between traditional and digital channels, driving companies toward success in their digital transformation journey.
Whether you're a broker, an underwriter, or a claims handler, with distriBind you can be more engaged, and proactive, and simultaneously overcome obstacles. If you’re interested in building a future that is agile, customer-centric, and digitally empowered, book a demo with our team, to see how distriBind can reshape your digital journey or download our latest whitepaper for more insight into Digital Data Exchange.
[1] https://kpmg.com/uk/en/home.html
[2] https://zipdo.co/statistics/digital-transformation-in-insurance-industry
[3] https://www.bcg.com/capabilities/digital-technology-data/digital-transformation/overview#:~:text=BCG's%20Approach%20to%20Driving%20a,expectations%20evolve%20at%20warp%20speed
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