Digital transformation in Insurance event
What we learned at Digital Transformation in Insurance.
Big contact centres
Big customer numbers
Big personal data
No wonder Insurance is an industry that admits it is behind the curve. Hence the consistent theme at Digital Transformation in Insurance this week was innovation, innovation, innovation. Some great examples of digital innovation were on display, such as Zurich's customer risk management portal, which combines data from various underlying systems in a slick drill-downable dashboard interface (bonus points to Head of Global Transformation Andre Guyer for pulling off a live demo without a hitch).
The Big Not-So-Easy
But it wasn't just the stories about 'what' to innovate that engaged delegates; the stories of "how" to innovate were just as significant in shaping up to to break new ground. Among larger established firms, innovation is a challenge. Siloed departments and less-than-ideal structures shaped by acquisition don't help, but persuading a Board to back a new idea with no provable ROI? Definitely an uphill struggle.
Back to the Lab
One thing everyone agreed on was that in a fast changing world, agile, user-centric development is the only way to go. Establishing a focused team and bringing in the right level of expert outside help were also essential ingredients. LV= showed fighting spirit, setting up an innovation Lab to rapidly develop prototypes of new ideas.
The team of mainly millennials, headed up by Mike Mallia, apply simple, people-based thinking, unfettered by established ways of working and divisional divides. Ideas are given ten sprints to deliver a proof of concept. The result is a refreshing attitude of, "hey, we're an insurance company, let's find ways to sell more of it and enjoy doing it." They located the open-door lab next to the canteen, the busiest area of the office, to allow anyone to contribute ideas.
Further to the lab, LV= are also experimenting at the bleeding edge by partnering with a Fintech incubator, sponsoring early stage start-ups coding the next Insuretech unicorn. The conference demonstrated enough snapshots of disruptive tech already gaining traction, such as Insure a Thing, to see that doing nothing is not really an option.
So while we punters could be more MoneySupermarket, insurers could definitely be a bit more LV=.