The insurance industry is experiencing a digital revolution. As customer expectations evolve and new technologies emerge, insurers are under increasing pressure to undergo digital transformation. However, legacy systems and outdated processes present significant hurdles for many companies. This blog post will explore the challenges of digital transformation in insurance, highlighting real-world cases and offering strategies to overcome common obstacles.
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Image Credit: Wanda Tuerlinckx , Humanoids
Who is pacing this race?
Employees have been encouraged to ‘automate their roles’ to demonstrate self-direction and continuous learning. In the past, an employee's skills, motivation, and business interests determined the pace of change. Soon, the pace may be beyond their control, risking job loss before they can adapt to consider the next set of problems. If they can’t find problems faster than the pace of automation, they are not adequately prepared for transition.
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Data Projects: Tips and Challenges
As we continue to drive data projects, familiar challenges begin to present themselves. By observing, we can become better diagnosticians of systemic issues. Learn what to avoid and how to navigate them better.
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Countdown: Book Excerpt Chapter 2
Book Excerpt: While a fully funded budget that supports data as a service is an integral part of a data transformation’s financial picture, few are fully staffed or funded. Three-quarters of executives confirm their organization now has some form of data strategy (however rudimentary), but a paltry 16% say they have the skills and capabilities necessary to deliver it.[1] Even though the average staffing budget is growing yearly, finding the skills and capabilities to execute data projects is becoming harder and harder.
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Countdown: Book Excerpt Chapter 1
Book Excerpt: Data has traditionally been managed by a combination of information technology (IT), Operations, and Finance. Over the last ten to fifteen years, the chief data officer (CDO) role has come onto the executive scene. While not yet a universal title, the role of the CDO started by reporting through these functions and is beginning to be considered separate.
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Writing a book is like getting a tattoo
Writing a book is a lot like getting a tattoo. It’s permanent. It marks a life transition. It's also 95% pain, 2.5% novelty, and 2.5% talking that novelty to others. It's proof I was able to push past the anxiety and deal with the pain to do something creative. Finishing is a wonderful feeling of accomplishment, proof that I made it past all the barriers.
Driving Data Projects is, first and foremost, a love letter to my students. The book highlights two main stumbling blocks they hit: understanding the data supply chain and their role in it and integrating key change management activities like working with executive sponsorship. I also observed these issues outside of the classroom--in almost every organization I've served. Everyone skins their knees on these issues--because they are hard.
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