Digital transformation is a fundamental step toward success. However, understanding how to build an effective strategy around it is not easy, since it involves reinventing traditional processes within the organization. The reluctance to create and implement new processes is a common issue, especially in large organizations. As Dan Schulman, CEO and President of PayPal, has stated, “The biggest impediment to a company’s future success is its past success.”
This paradigm shift can often make leaders question if their companies are suitable for such changes, or if digital transformation even applies to their specific sector. This is what is happening in the insurance industry.
“When the digital transformation is done right, it’s like a caterpillar turning into a butterfly, but when done wrong, all you have is a really fast caterpillar.”
Principal Research Scientist with the MIT Sloan Initiative on the Digital Economy
Earlier in August, Belatrix attended the “Insurtech Argentina” meetup in the city of Mendoza. While named “Insurtech”, the event focused on the impact of digital transformation across various industries, including the insurance sector.
The agenda was composed of the following speakers and topics:
The event was a great opportunity to understand how different industries and companies are applying digital transformations, no matter how dissimilar they are – from traditional insurance companies, to universities, to the agricultural sector. Belatrix’s success story with the agricultural and manufacturing company, PLA, was a great example to see how a traditional company, with a long history and heritage, can reinvent itself. Let’s check out the main highlights.
At the event, Belatrix’s Leader Coach, Alejandra Roitman spoke about how PLA and Belatrix worked together to build a new digital vision, and then execute to achieve it.
According to Alejandra, “digital transformation is about increasing efficiency and innovation as well as lowering costs. This is precisely what we did with PLA; we fostered new practices, making their brand stand out as an important reference point of digital innovation in the industry. Along with this transformation, it’s important to question how organizations are handling processes and how they can reinvent them in order for automation to provide real added value”.
These meetups are the ideal place for companies and executives to enrich their knowledge and nurture their perspectives with fresh new ideas from different industries. Insurtech Argentina made it clear that adopting a digital transformation strategy is imperative for companies to strive and achieve success. By embracing and promoting these kinds of events, companies can ensure they stay at the forefront of the trends that will shape their industry.
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