Leading Your Organization Through Digital Transformation: Key Factors for Success

Digital transformation is a hot topic in the insurance industry, and for good reason. As a founder in this field, I have seen firsthand the challenges that carriers face when it comes to executing their transformation plans. Too often, vendors overpromise and underdeliver, or carriers overestimate their own technical capabilities and end up spending years and a premium cost on internal builds. These experiences can leave carriers with "scars," feeling stuck with legacy systems and manual processes. In these cases, an optimization strategy may be a better option than trying to build a digital foundation from scratch.

?Here are my top five to successfully executing a digital transformation journey:

• Define your goals and objectives: Before starting any transformation journey, it's important to clearly define what you want to achieve and how it aligns with your overall business strategy. This will help guide your decision-making and ensure that you are focusing on the right areas.
• Assess your current state: Take an honest look at your current processes, systems, and technology to understand where you are starting from. This will help you identify pain points and bottlenecks that need to be addressed, as well as areas where you may already have a strong foundation to build upon.
• Engage key stakeholders: Digital transformation affects all areas of the organization, so it's important to get buy-in and input from all relevant stakeholders. This includes leadership, IT, and business units, as well as external partners or vendors. Make sure to clearly communicate the goals and objectives of the transformation and how it will benefit the organization as a whole.
• Choose the right technology partner: It's crucial to choose a technology partner that aligns with your goals and has a track record of successfully executing similar transformation projects. Look for partners that offer a detailed assessment process, are transparent about their capabilities and limitations, and have a flexible and agile approach.
• Implement change management: Change can be hard, and digital transformation often involves significant changes to processes and systems. It's important to have a plan in place for managing and communicating these changes to ensure a smooth transition and minimize disruption to the business.

My Bonus Insight:?JUST START!

I have found that taking a "crawl, walk, run" approach to digital transformation allows for greater success in transformation initiatives. At my company, Benekiva , we start by performing a detailed assessment of each carrier's unique situation, including their current technology landscape and the value we can provide from day one. Our goal is to create the least amount of friction possible and work with IT and architecture teams to leverage what has already been created. We also work with leadership to understand their objectives and priorities, enabling us to leverage resources, time, and funding in an agile way that works for the organization. By configuring our platform incrementally, we can reduce pain points, and as the organization starts to transform out of legacy, the processes will become more efficient and automated.

What are some of the insights and successes that have allowed you to successfully execute your transformation initiatives?