According to McKinsey’s Global Innovation Survey, 84% of executives agreed that innovation is critical for their business and is an important component of their growth strategy, but only 6% are satisfied with innovation performance. Arguably, this gap between innovation strategy and execution/results can be felt across the commercial insurance industry today. While commercial lines carriers and brokers have been intensely focused on digital transformation initiatives for the past several years, many lines of business, core operational processes, and manual workflows have not been modernized or innovated in a meaningful way in 30 years.
We all know that digital transformation is a journey, not a destination. Large-scale digital transformations don’t happen overnight, and digital strategies can take years to develop and implement.
“I’ve been in the insurance industry for 20 years, and as long as I’ve been here, we’ve been transforming,” says Stacey Brown, Head of Global Technology Innovation, AXA XL, a Division of AXA, and Founder at InsurTech Hartford. “And I’m certain that long after I’ve retired, we will still be transforming. Change is the only constant. There is always resistance to change. Everyone in an organization can know they need to change but they can’t agree on how.”
We also know that change agents at all levels of the organization play an important role in pushing the ball forward and sustaining the pace and momentum of any innovation initiative.