TDI Point of View report issues industry warning that Digital Tipping Point is approaching insurers much faster than previously expected
We are pleased to launch this important Point of View (PoV) white-paper which issues a warning to the insurance industry that the Tipping point for digital insurance Tipping Point is now approaching insurers faster than previously expected. Read the report online here.
It is no coincidence that the underlying message in this PoV aligns with our collective purpose of “working together to accelerate the digital transformation of insurance’. It is, however terribly unfortunate for all concerned that the stimulus for this PoV is the pandemic currently unfolding around the world.
We strongly believe that, despite all the immediate challenges leadership teams are facing concerning the short-term implications of Covid-19, there is an urgent parallel need to prepare for a ‘new-norm’ which everyone will face, once we begin to see the pandemic in the rear-view mirror.
This ‘new-norm’ will be characterised by an accelerated personal and business adoption of digital – higher expectations from customers, and staff, on the digital capabilities of their selected product/service providers and employers. In other words, the ‘Tipping Point’ of digital adoption is now approaching faster than ever before. This is going to create strategic challenges, particularly for incumbent insurers.
Our view is that insurers probably now have 2-3 years less to execute their digital transformations than they did 6 months ago.
So leaders need to be and be seen to be, taking more immediate and firm action, to attract and retain customers and staff in an increasingly digital world. Actions to accelerate this cannot wait until we settle back to normal, as the normal world we knew a few months ago has already disappeared forever. The agility we have all shown in adapting to the current medical and economic crisis needs to become the new normal.
Real digital transformation requires a change in culture. A key component of this is that digital needs to move from ‘the few to the many’ – out of the hands of the few digital, tech and innovation leads and into the hands of the wider business, where the deployment of new technologies is going to unlock the transformational impact so needed across the industry. Leaders, therefore, need to quickly implement ways to accelerate staff understanding of, engagement in and, enthusiasm for, digitalisation of their businesses.
Sadly, most leaders probably won’t heed this message.
By way of a helping hand on this challenge, you may be aware that TDI recently launched TDI Academy, which is designed to help insurers accelerate digital engagement across the business – from the few to the many – as well of course as supporting the ongoing professional development of individuals at all levels across the industry. You can find out more about the TDI Academy here.
We launched our Associate Digital Insurer (ADI) programme, the world’s first 100%virtual ‘mini-MBA’ on digital insurance, in January this year, to overwhelmingly positive feedback. Many insurers have already dipped a toe in the water by nominating a few participants, and our next cohort for this programme, which begins in April, is almost full.
To help further support the industry during this particularly difficult time, we are bringing forward the launch of two exciting new programmes that you and your teams may also be interested in:
- Executive Digital Insurer [EDI] programme – designed for executive leadership teams & Boards – also 100% virtual
- Certificate in Digital Insurance [CDI] programme – fully online, designed for deployment to larger numbers of staff across multiple offices and geographies.
Favourable commercial terms on all programmes – CDI, ADI, EDI – are available to our Corporate Members.
As the old saying goes, ‘Fortune Favours the Brave’, and we firmly believe that now is a critical time to accelerate digital engagement across your business:
- Increase remote staff utilisation & engagement during a period of significant business disruption and uncertainty
- Underpin and strengthen your employer brand
- Accelerate engagement in, and enthusiasm for, digital from the few to the many, in preparation for the new norm
Please help us to help you, by getting in touch with us to explore the ways in which we can help. Now, more than ever is the time for all of us to work together, to accelerate the digital transformation of insurance.
Let’s get this transformation done.