Independent Consultant, helping reinsurers with their technology solutions - outcome focussed
🏁 Beginning #digitisation and #automation is easy - it's seeing it through that's the hard part for many reinsurance companies. What's worse is the false perception that by starting well, your company will be more likely to complete its digitisation efforts quicker and easier than expected. A concept that comes to mind is Tobias Zwingmann’s 80% fallacy. I would hate to rain on any company's digitisation parade but it really must be stressed that underestimation of the latter half of your digitisation implementation could be the breaking of the entire initiative. Tobias speaks of #AI development of which I am not an expert but from my experience with digitisation and automation in reinsurance, I could tell the exact same story. He says that while initial progress may come quickly, the final 20% of development is exponentially more challenging and time-consuming. This fallacy often leads to underestimation of resources and timelines, resulting in failed projects. You can avoid falling victim to the 80% fallacy in a few ways: 👉 Manage expectations By clearly communicating the challenges of moving from 80% to 100% accuracy, you can establish realistic timelines and milestones that account for the exponential increase in complexity. 👉 Phase your implementation In a similar light to an article I wrote recently referencing McKinsey & Company's stairway to digital excellence, an incremental approach allows for digitisation to scale with your company's readiness, reducing the risk of insurmountable issues later on. 👉 Don't delay change management You will want this sorted from the start as it can be a real hurdle later down the line if not dealt with effectively. Do this by adequately training employees and preparing them for the new digital or automated processes. And of course, if you require support with any of the above, get in touch using the link below and I will be happy to discuss how we can work together to get your reinsurance company to 100% at last. https://www.buondrius.com/ #reinsurance
Independent Consultant, helping reinsurers with their technology solutions - outcome focussed
1moRead Tobias Zwingmann’s article on the 80% fallacy here: https://blog.tobiaszwingmann.com/p/80-percent-fallacy-why-building-your-ai-use-case-might-be-harder-than-you-think?utm_source=blog.tobiaszwingmann.com&utm_medium=newsletter&utm_campaign=the-80-fallacy Read my article ‘How To Digitise: McKinsey's Stairway to Digital Excellence and Other Signs You Should Take it Slow’: https://www.linkedin.com/pulse/how-digitise-mckinseys-stairway-digital-excellence-other-scandella-zqbie/?trackingId=9PDZRQKkRDuotuRByHKv4A%3D%3D