Being told to abandon old ways of thinking and working and embrace without delay a new, and seemingly riskier, digital culture can be unnerving for insurance companies. But there are certain actions insurers can take to kick-start change while minimizing the risks—and they do not have to alter everything at the same pace.
No insurance company has yet completed a digital transformation—one that fully harnesses the power of digital technology to rethink every aspect of the organization. But a number of carriers are making remarkable progress, indicating the direction others should take.
What does success look like for an insurer in a digital world, and how is it achieved?
This compendium helps paint that picture by drawing on McKinsey’s experience in the industry and that of some 30 executives whom we interviewed. We hope it will help executives to understand where value lies in a digital world, at the same time as offering a clear, practical approach for capturing it.