While technology is important, it isn't what drives a digital transformation. It's the humans behind the machines that make the difference - how they work together, and how they serve customers. Companies that are successful in the digital age develop strategies from the outside in, based on what customers need, want and care about. (Prophet)
However, when it comes to insurance business, what if consumers know and care about only the best (lowest) price for the broadest coverage, maybe also the 'relationship' as known to them at sales, but don't really know and never expect any claim? Buying insurance but don't expect to claim? What is the Sense of Purpose? Just for Sense of Security and Peace of Mind..............or even Self-Gratification, etc.? Less even is what they need in order to get what they want? And when it happens, just want claim in the millions? Yet, despite multi billions claims paid, as a result of trading dollars or which cannot be denied, and more, due appreciations are rare! What kind of business arithmatic and logic is that? How could that happen and why would that happen in the first place? Usually, they will have only themselves to blame when reality hits! Irrespective of what, just put the blame on someone else instead! But blame cannot claim! So, who will suffer at the end! Again, it is so obvious! Therefore, can 'Outside In' accomplish anything?
As such, for insurance business, 'Outside In' would only aggravate further the current old traditional Insurance Business Model and add more perceptions and unknowns, and also human weaknesses of course! Just to camouflage and let consumers' ignorance and inability continue to be used! More conflicts!
Due to misapplication of the Insurance Industry Model, and followed by a Business Model that caters to it, Insurance Business has evolved into not only a weird but treacherous and complicated business! It should never be just buying and selling of insurance 'products' anyway! For Digital Transformation, not even Insurtech, to expect 'Outside In' based on the same old traditional Insurance Business Model can only make it worse! We believe, because of the industry's DNA, the insurance industry needs to change itself first, change the current Business Model, and do it from 'Inside out'! Not Outside In!
Those who helped and made the current old way happen will certainly be capable of changing it into a new way, if they truly know and understand it is Insurance they are doing and there is a better way, using Insurtech! When there is a will, there is a way! Digital Transformation, even if it is done right, constitutes only a small part of the Insurtech wave! Otherwise, pursuance of a safer and worry free world is only an empty dream!
We have started pushing the giant flywheel of change! Come and join us! Let's do it together! The Insurance Universe is big enough to share!