Here’s a quick summary of the Enabling Digital Transformation stream at TINtech 2018, and a link to a great summary of the challenges around ‘Clearing the Path to Digital Transformation’ from the sponsors of the session, Hyland.
The stream featured presentations from Heather Smith, Chief Customer Officer, at LV= and Stuart Booth, Director of Digital at Just Retirement, and focused on why insurers are pursuing digital strategies and how evolving technology is disrupting the industry. It became clear that whilst there may be a desire amongst insurers to establish a definition of digital ‘one size does not fit all’ and that different insurers pursue different digital options for different reasons, including efficiency gains, flexibility, new product development, innovation and client centricity
For LV=, the process involved defining digital internally first, setting priorities and identifying milestones, and its Transformation Academy allows its employees to share ideas and get training on new digital initiatives. For Just Retirement embracing digital transformation starts with culture. They incorporate digital discussion from onboarding on, sharing its digital philosophy as it grows and adds employees, and embedding in their leadership.