A great survey from McKinsey showing that it is not technology that is holding back digitalisation.
This is particularly true of the insurance industry.
Conservatives organisations, run in silos with multiple policy admin systems, which create boundaries to operational performance excellence are the norm. Technology can sort the legacy PAS problem out fairly easily. Getting a 360 degree customer view is genuinely just table stakes today.
Sorting out the operational silos and conservative attitudes is a behavioural and cultural change requirement that will only ever come from strong leadership showing vision and motivation.
Risk aversion, weak customer focus, and siloed mind-sets have long bedeviled organizations. In a digital world, solving these cultural problems is no longer optional. Shortcomings in organizational culture are one of the main barriers to company success in the digital age. That is a central finding from McKinsey’s recent survey of global executives, which highlighted three digital-culture deficiencies: functional and departmental silos, a fear of taking risks, and difficulty forming and acting on a single view of the customer.