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Leading in a digital world – EY and Tapestry

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Article Synopsis :

Digital technology has made every part of the insurance business vulnerable to new customer expectations and competitive threats.

 The Digital Insurer reviews EY and Tapestry’s Report on Leading in a digital world

The digital world is here to stay

In the view point document “Leading in a digital world”, participants from the Insurance Governance Leadership Network (IGLN) decipher the implications of digital transformation and discuss issues related to strategy, risk, organizational structure, workforce, and culture.  The document identifies three key sources of tension that are driving digitisation higher up the Board agenda:

  • Creating a consistent yet personalized customer experience across the group
  • Building agile and responsive structures in the face of numerous constraints
  • Understanding regulation as a source of strength and challenge

In addition, the document highlights the following constraints that insurers need to contend with when expanding their digital footprint:

  • Legacy systems
  • Cost
  • Talent
  • Organisational Culture
  • Control and security

Link to Full Article:: click here

Digital Insurer's Comments

The digital transformation journey is not going to be easy, but substantial  dividends exist for those who get it right. Successful implementation of  digital initiatives will not only help enhance customer experience but will also enable insurers to be more efficient, innovative and productive.  The challenge for insurers is to stop merely talking about digital and to act on it before it’s too late.

Link to Source:: click here

 

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