Critical Culture Change
In an industry where the avoidance of risk is embedded within its DNA, how do incumbent insurers keep up with the pace of innovation and be open to harnessing the new technologies crucial to digital transformation?
Matt Wintle, CIO at Admiral group, will address this issue to both streams on day one, sharing insight into not only the importance of cultural change but how it can be addressed.
Cultural change is not something which can be bought or sold, but an internal change which affects the entirety of the organisation attempting to achieve it. Without acknowledgment of the need for this change and a move away from the traditional methods engrained within the insurance industry, companies risk losing out to those more readily able to do so as they are the ones who will be able to adapt to the speed required to keep up with growing consumer expectations and demands.
It is crucial for the insurance industry to recognise how resistance to an innovative culture will cause them to fall further behind. Cultural change will allow for companies to implement rather than just acknowledge the key steps needed to digitally transform from within. It will also allow them to remain competitive in a market which is becoming more than just a competition over price. Failure to do so risks’ ignorance to the shifting market demands and a greater chance of losing relevance against those able to do so.
Matt Wintle’s session on day one will therefore be addressed to both audiences. Although culture cannot be copied, the valuable insight provided will surely offer inspiration as to how you can begin to make your own internal changes and effectively digitally transform your business.
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