All businesses, especially in the Insurance industry, are tackling digital transformation in some way shape or form. A lot of focus naturally falls on boosting productivity, optimising efficiencies and integrating technology so the entire organization can benefit from the changes made. At Whitespace, we speak to various firms across the market and it’s fascinating to see the different approaches being taken by market participants, placing everyone at different stages of digital transformation:

1. Exploration and assessment

The first step is to understand what your current infrastructure setup delivers (or not!) in each functional business area. This is thescary part, as this is where you start to understand the journey you are embarking on.

2. Setting objectives and creating roadmaps

Once you understand the scale of change needed, the inevitable need to set objectives with milestones and timelines comes into play. This is heavily impacted by the starting point (ie: the complexity of the change) and the resources available to make those changes.

3. Assigning & optimising resources to transform

to make sure all aspects of the commercial business case for change are kept in mind, as the business goes through what will be a monumental change.

4. Implementing transformations

The beautiful (and painful) part of digital transformation is that it’s a never-ending sequence of implementations that bring about more gains. This is where you achieve your earlier objectives and review them to keep up momentum.

Completing the last step almost inevitably takes you onto a new part of the journey: digital transformation is not a “one and done”, it’s a constant hunt to use technology to improve business output.

The cold truth is, if you don’t transform at pace, your competitors will – and some have already leaped in headfirst. It’s critical to understand where your business sits in the digitisation process, and to think about where you need to head next!