Leadership and Speed to Accelerate a Path to the Future of Insurance
– Denise Garth, SVP - Strategic Marketing, Majesco
This is a time of disruption and change: a technological revolution; fast-changing customer needs and expectations; and shifts to an on-demand, sharing, gig and platform economy. Some insurance leaders understand this. They have plans and are aggressively responding. Others, however, are slow or are not responding at all. Getting out ahead of the curve is more important than ever. As such ... Leadership matters. Speed matters.
An organization's leaders are responsible for its responsiveness. Early movers are pathfinders – they can experiment with new business models, products and services. Even fast followers hold dwindling options in their hands – to say nothing of laggards – and they place their businesses at significant risk. Speed and leadership are a powerful combination.
But a successful reinvention requires making a large bet – one that can overcome the drag of the old way of doing things. Core technologies such as cloud, mobile, open APIs, cognitive/AI and ecosystems are necessary for speed, innovation and flexibility to adapt to a rapidly changing market.
Insurers should not expect the next generation of insurance customers to adapt to the ways of the traditional incumbent business model. These roles are now reversed: insurers are the ones that must adapt.
Denise will provide insights into the actions needed to modernize, optimize or create the future.