Mar 22, 2021

Insurance’s digital transformation must be human-centric

BCG
digitaltransformation
bionicinsurance
Technology
William Girling
2 min
Insurance’s digital transformation must be human-centric
A recent article from BCG has emphasised the importance of not losing contact with insurance’s human element as technology transforms the industry...

Fundamentally, reasons BCG, CEOs of the future will manage businesses that only partially resemble their current incarnation. Among the changes that increased automation could bring are:

  • 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 ‘Automating claims settlement: Meeting customer expectations’, 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:

  1. Refocusing business organisation around customer delivery instead of products and services.
  2. Cross-team alignment and autonomy to refocus workloads, address core KPIs, and increase transparency.
  3. Adopt a ‘lean and agile’ philosophy and tech infrastructure.
  4. Focus on upskilling existing employees as well as developing new talent.
  5. Make sure to tailor transformation plans around particular needs, as opposed to taking an unfocused ‘off the peg’ approach.
  6. 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.”

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Jul 23, 2021

The Ultimate FinTech & InsurTech LIVE Event

Fintech
Insurtech
live
event
3 min
Where innovation meets implementation, coming to you live from London

Whether you attend virtually or in person, it will give you the chance to network with C-Level executives, share ideas with industry pioneers, and walk away with actionable, unique insights to bolster your business and career. 

By the end of the three-day event, you will have seen the latest innovations in both FinTech and InsurTech. You will be able to see how companies like yours are tackling the problems that keep you up at night, engage in a community that many struggle to access, and share your ideas with people who care as much as you do. 

Order your tickets now to take advantage of our limited-time Early Bird offer. 

 

How can you attend?

 

In the post-Covid era, not everybody wants to travel for events. So FinTech and InsurTech Live will be completely hybrid. That means you can attend the event in person or virtually - with no disadvantages to people who don’t make the trip to the Tobacco Dock. 

 

In-person

 

FinTech and InsurTech Live is happening in the Tobacco Dock in London, a ten-minute walk from Tower Bridge. For more information on the location, click here

 

Virtually

There’s no need to worry about missing out if you choose not to attend in person. You can still absorb all the information, interact with other attendees and enjoy the conference experience on our virtual platform. 

There will be live feeds from all of the stages (also available on-demand after the event) as well as virtual networking areas. So not being able to travel is no reason to miss your chance to gather with the industry.

 

What’s on the agenda? 

 

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. 

Across the three-day event, a number of relevant topics and trends surrounding fintech and insurtech will be discussed. 

 

  • Tuesday 14 October - Diversity and Inclusion
  • Racial equality (11:30 am)
  • Supplier diversity (12:00 pm)
  • Sustainability (12:30 pm)
  • Women in fintech (14:30 pm) 
  • Wednesday 15 October - Challenger and neobanks 
  • Cashless society (14:00 pm) 
  • SMEs (14:30 pm) 
  • Thursday 16 October - Adopting new-age digital solutions in the insurance industry (06:00 am)


Influential executives from around the world will give their insights and professional experiences surrounding these topics, allowing you and your company to leave with valuable information. 

The topics surrounding digital transformation should certainly be on the mind of every executive after the events of 2020 and how we all had to adapt to meet customer’s needs. Creating a digital roadmap is key, and making changes to the traditional ways of working. Customers now have new needs, and keeping up to speed with the digital changes, whilst also doing so safely, are important. 

If you want to get leading perspectives on the future of fintech and insurtech, you can purchase your tickets here.

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