Leading in a digital world – EY and Tapestry
Article Synopsis :
Digital technology has made every part of the insurance business vulnerable to new customer expectations and competitive threats.
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
- Organisational Culture
- Control and security
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Digital Insurer's CommentsThe 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.
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