Digital transformation is not about a singular approach and letting go of past successes,
but rather the meshing of the old and new to achieve optimal peak performance.
- Mark Weir
Personal observations have demonstrated that some insurance companies have some very serious misunderstandings about the attorneys they hire. I. The company’s defense attorney is not its adjuster. Let’s say the first notice of a claim was via a lawsuit against an insurance company and that the insurance company immediately hires a defense attorney to respond to the [...] The post Misunderstood Role of the Attorney appeared first on Insurance Thought Leadership. Check it out!Read More
Improving the Claims Experience Insureds and carriers agree that more communication can address common claims complaints. Carriers today often argue that buying their insurance product is about much more than financial indemnity and peace of mind. Many insurers include a variety of risk management services and resources in their packages to position themselves as true risk partners who help clients build resiliency and prevent losses in the first place. That’s all well and good. No company wants to experience a loss, after all.Read More
2018 Trend #1: Increased Focus on Cost-to-serve OK… so this is almost a prediction, but it’s a topic on which I feel qualified to speculate, and I do so with good reason. The burgeoning growth in omnichannel supply is great news for consumers and even enterprise buyers, but it also continues to add considerable complexity for supply chain organisations. In many cases, supplying companies have taken an “Implement first. Ask questions later” approach to multi-channel and omnichannel strategies in their haste to avoid losing sales to ecommerce giants like Amazon. One of the key risks involved in such an approach is that certain sales will undoubtedly be unprofitable, and that’s an untenable situation for supply companies to remain in.Read More
Technological innovations have radically transformed the business landscape in many ways over the last two centuries, from the introduction of steam power to the market conquest of radial-ply tires. Research by McKinsey & Company and the McKinsey Global Institute shows that digitization is having the same radical impact. In particular, our research shows how digitization can significantly hurt incumbent firms in many industries — depleting as much as half the revenue growth and one-third of earnings before interest and taxes (EBIT) growth of companies that neglect to embrace digital innovations.Read More