Digital transformation is on the agenda of nearly every company. Financial services organizations have embraced big data and machine learning in order to expand the scope of their services but the insurance business model has endured intact despite disruptive technologies in every other sector. From the cultural side, traditionally, insurance cultures are heavily structured and compartmentalized. They have a clear hierarchy where everyone understands their role and place within their department. These models emphasize claims and underwriting functions and produce deeply specialized individuals. In and of themselves, these are positive elements to have in a business. However, for insurance companies struggling with the modern state of the market, they limit success. This is one of the significant roadblock to effectiveness and success in the digital age.
Points of discussion
1. Culture is a mentality; it’s how every employee interacts within the company, represents the brand, and connects with customers. As digitalization continues to sweep across the insurance sector, how do you see technology and culture coming together to shape the industry for the future?
2. Can you list some of the possible / potential cultural obstacles that is making insurance companies slow to evolve digitally?
3. What's your advice to new age insurers on developing the modern insurance culture specially to bridge the gap between industries, services, and products.
Speaker Bio: Matt Connolly, is the founder and CEO of Sønr. Matt has worked across innovation for the past 15+ years and in his early 20s he founded an innovation agency which worked with household brands around the world. It ultimately grew to become the UK's #1 digital agency. He subsequently went on to build, and invest in, a number of tech start-ups and recognising the need to help insurers better adapt and innovate, Matt founded Sønr - a leading Insurtech Scouting and Open Innovation business. Sønr’s intelligence is used by leading insurance companies around the world including RGAX, Allianz, Generali, Vitality, Munich Re and Tokio Marine, to identify opportunities and succeed in today’s changing world. Matt is a regular public speaker and enjoys meeting people who share his passion for new and ground-breaking ideas.