With estimates placing insurance around three years behind other industries, it is no surprise that this is one of the last sectors to enter digital transformation. Many of its biggest brands are playing catch-up in the knowledge that failing to transform risks customer losses and product stagnation.
In 2014 Aviva launched an ambitious digital transformation plan, spurred by group CEO Mark Wilson’s company vision to become a ‘320-year-old digital disruptor’. Through its journey towards this goal, Aviva has seen significant change in both its people and its technology.
People: Attracting the right talent
As much as 80% of Aviva’s senior leaders have changed roles over the past four years as part of the digital transformation process. This has been accompanied by a shift in company culture, a greater focus on ‘mental agility’ and the delivery of a digital retraining programme among senior personnel.
Aviva’s internal research identified a need for greater simplicity. One measurement indicated that the business was more complex than NASA and the NHS. The firm has since simplified its organisational structure and reduced the number of geographical markets with which it does business.
Faced with legacy technology, Aviva always knew it had its work cut out to transform the business. However, with digital-native market entrants vying for its market share, the time for transformation was now or never.
As a sign of its commitment, Aviva spends around £100 million a year on its digital transformation programme. It’s even looking to hire data scientists and game developers as actuaries. In 2017, Wilson declared his intentions to ‘turn Aviva into a fintech.’ In 2016, the company also unveiled two ‘digital garages’ to accommodate the company’s digital innovation and development teams.
Digitisation is a hugely disruptive force in business, but its transformational effect drives value and networking opportunities. Also, being the last industry to undergo digital change means it can learn from other industries’ mistakes.
Under Wilson’s leadership, Aviva is currently experimenting with technologies such as blockchain and micro-insurance, while improving end-to-end management, lifecycles and customer data analytics.
When companies harness the power of digital on a strategic rather than a purely functional level, they can transform every area of their business from research and development to sales and marketing.
With multiple agencies involved, digital transformation can be complex and time-consuming to manage. However, Adare and our in-house creative agency Purple can offer a streamlined, one-agency solution, which provides more efficiency, transparency, accuracy and control.
As a partner, we can offer a depth of experience acquired through our work with clients from a number of different sectors. Such knowledge is invaluable and ensures we can anticipate any issues before they arise, contain budgets and deliver consistent, timely results.
If you would like to find out how your business can drive its digital transformation journey using a one-agency solution during, get in touch with the team at Adare International today: firstname.lastname@example.org.