Insurance’s digital transformation must be human-centric
- 30% fewer employees (with 20% fewer in claims and central functions, like HR)
- 50% more people in ‘high-value’ roles such as data analytics
- 70% increase in ‘digital-centric’ roles
Much like today’s aphorism that insurtechs are ‘tech first, insurance second’ entities, incumbent insurers may find that they, too, will need to update their business model.
Yet, whenever the subject of digital transformation is raised, the question remains: to what degree will human workers figure into the plan? BCG has a clear answer: significantly.
The need to upskill insurance
As we found in our article ‘’, insurers are all too aware of the benefits that digital technology can bring to efficiency. However, BCG believes that this relatively recent recognition has been to the detriment of human capital.
“When management teams consider the implications of new bionic business models that marry humans and technology more closely than ever before, they tend to focus on the delivery and technology aspects. Too often they overlook the human changes, which are the hardest part,” said BCG.
Indeed; in a study conducted in 2020, the company found that employees and managers at firms in the US, Europe and Asia consistently ranked “training and recruitment of new skill profiles” among their least successful endeavours.
Therefore, BCG advocates for a more human-centric approach; insurance companies should aim to become ‘bionic insurers’.
The rise of bionic insurers
The distinctive characteristics of a bionic insurer are a “robust balance” between human workers and technology, achieved by harmonising six leadership goals:
- Refocusing business organisation around customer delivery instead of products and services.
- Cross-team alignment and autonomy to refocus workloads, address core KPIs, and increase transparency.
- Adopt a ‘lean and agile’ philosophy and tech infrastructure.
- Focus on upskilling existing employees as well as developing new talent.
- Make sure to tailor transformation plans around particular needs, as opposed to taking an unfocused ‘off the peg’ approach.
- Senior management must embody the change it wishes to see.
“Leaders must prove from the start—and continue to demonstrate—that they have embraced the programme and believe it can generate value in the form of premium growth, cost reduction, or rising customer satisfaction as well as adaptability and resilience,” concludes BCG.
“In the long term, successful transformations set companies up for sustained success by propelling them strategically toward a bionic future.”
The Ultimate FinTech & InsurTech LIVE Event
From October 12th-14th, 2021, BizClik’s FinTech & InsurTech event will bring together influential executives from around the world. Streamed live from Tobacco Dock, London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future.
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech 2021 will expand your network, deliver insight, and enhance your organisation’s reach.
Already confirmed speakers include Colin Payne, VP & NextGen FS Global Lead at Capgemini; Dipu KV, President and Head of Operations & CX at Bajaj Allianz General Insurance Company; Bryan Caroll, CEO at TNEX; and Lucy Demery, Managing Director at Barclays.
The event will include:
- Keynote addresses from respected industry leaders
- Dynamic live roundtables (inc. Q&A)
- Fireside discussions
- Inspirational Speakers & Presentations
- Extensive networking opportunities
Meet the Speakers
Each week, from now until the event, we’ll be announcing the latest speakers who are set to grace our physical or virtual stage, prepared to share their knowledge and insight with attendees.
Our second batch consists of:
Currently the Senior Vice President of Business Development & Fintech for Mastercard UK & Ireland, a position he’s held since 2014, Abraham describes himself as “a proven and successful senior sales leader with experience across a wide range of industries, sectors, and channels.”
Graduating from the University of Northampton in 1994 with a BA in Economics and Law, he worked for nine years at Sainsburys - eventually responsible for banking the company’s revenue and running its ATMs - and then Barclaycard for three years as Head of Client Management. In 2007, Abraham became VP of Client Management at American Express, and then VP and GM Global Supplier Relations EMEA in 2012.
In his current role at Mastercard, Abraham is accountable for the acceptance of all payments and products through all channels, devices, and technologies across UK and Ireland. In addition, he oversees the deployment of innovative new payment tech within the region.
Fraser-Hawkins’ role as CEO, UK Corporate, at Marsh McLennan is the continuation of a long and successful insurance career, which has included being London Sales Director for JLT Group and Branch Director for Willis Towers Watson.
Marsh prides itself on being a company that hires top-tier talent, does work that impacts peoples’ lives, and offers its employees the opportunity to make a difference. This is clearly an attitude that aligns with Fraser-Hawkins’ own values; regarding the insurer’s UK Young Professionals initiative, a support network to help young professionals in their development, he said:
"I am passionate about developing talent and our Young Professional CRG provides a brilliant community for our Young Professional colleagues to discuss key issues relevant early in their careers, as well as an environment to promote the skills, learning and network for success."
Massaro is currently the CEO of Boston fintech Flywire, a role he took on in 2013. He first joined the team in 2012 as VP of Business Development, but it wasn’t long before his entrepreneurial skills were redirected to leading the entire company’s high-growth strategy worldwide.
An expert in domestic and international payments and billing, enterprise technology sales, strategic alliances, enterprise software, SaaS, product management and marketing, and much more, Massaro is a consummate finance professional whose credentials befit the leadership of a prominent global payments fintech.
His previous positions include Consultant at PwC and Product Line Manager at Oracle, and he maintains a Mentor role at startup accelerator MassChallenge. He graduated magna cum laude from Babson College with a BS in Information Systems and Finance.
This event is set to be one of the year's most unmissable. If you want to get leading perspectives on the future of fintech and insurtech, go to Eventbrite and purchase your tickets now.