A.M. BestTV: No Shortcuts to Digital Transformation, Say McKinsey & Company Analysts

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)-- In this ^A.M.BestTV episode, a panel of leading executives from McKinsey & Company (McKinsey) discuss the promises and pitfalls of insurance digital transformation. Click on http://www.ambest.com/v.asp?v=mckinsey317 to view the entire program.

“Here at McKinsey we found that there are four characteristics that really differentiate those organizations that succeed and those that fail,” said Tanguy Catlin, a senior partner at McKinsey. “Those that succeed have a certain way of articulating their strategy; they have a digital culture, invest in certain capabilities and organize themselves quite differently.”

Ido Segev, a partner at McKinsey, focused on the digital transformation that organizations need to incorporate in order to apply these four characteristics. He believes that innovation, digital strategy, value capture, data analytics and a customer-centric design are the keys to success.

McKinsey Senior Partner Parker Shi said he sees a definite deficiency in companies being able to recruit the level of information technology personnel that they need.

“Everyone is looking for the talent in digital transformation, and there are three dimensions that a lot of companies are looking for,” said Shi. “Companies are looking for people who understand insurance and technology and are willing to move to locations that typically are not technology-centric. Trying to find people willing to do all three of them is not easy.”

An excerpt of McKinsey & Company’s report is featured in the March 2017 edition of Best’s Review. To view the series, titled, “Digital Disruption In Insurance: Cutting Through The Noise,” go to http://viewer.zmags.com/publication/84c3d6aa#/84c3d6aa/4.

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^A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View ^A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.