WIN Magazine - Spring 2015 - (Page 10)

FEATURE DIGITAL MATURITY- OR EXTINCTION Your Survival Now Depends on Digital Transformation BY SCOTT KLOSOSKY AND COREY WHITE T HE REAL CHALLENGE to growing up isn't aging, it's maturing. Aging is a fact-maturing is a choice. So it is with mastering digital tools. It may cause stress, wrinkles and streaks of gray, but achieving digital maturity will eventually bring wisdom, solvency and prosperity. Fail to learn what digital maturity means, and you will starve the organization for the tools and ideas that will keep you relevant and vibrant. If you made it this far and think this is all hyperbole, get a dictionary out and look up the word "relevance" because your employees and customers will make the decision for you as to how well you have made a digital transformation. Digital maturity combines wise investments in technology tools and the ability of its leaders to use  them to gain a competitive advantage in  the market. On this front, organizations fall into one of four categories: DIGITALLY MATURE ORGANIZATIONS WILL UTILIZE ONE TO ONE DIGITAL MARKETING TO STREAMLINE OUTREACH EFFORTS. * Beginners. Do very little with advanced digital capabilities. They can be unaware of the opportunities they miss without effective transformation management in place. * Fashionistas. Like to experiment with the hottest tools and trends but give little thought to whether these tools create value. * Conservatives. Strive for structure and governance but look at digital tools with intense skepticism. They miss opportunities because of their prudence. * Digirati. Have a true understanding of how to drive value with digital transformation. By continually investing and coordinating digital initiatives, and they constantly advance their competitive advantage. Fashionistas and digirati overshoot average industry top line revenue 10 | v i e w t h i s i s s u e a t | performance by nearly 10  percent. Meanwhile, organizations that fall in the digirati category outpace their competition in profitability by over 25 percent. They are able to drive more revenue with their assets, are more profitable and have greater market valuations. Through the use of both digital and transformative innovation, digirati achieve greater performance than the competition. And, let's be clear, this refers to a large spread of industries and sizes of organizations. Don't think your industry is somehow different when it comes to digital transformation: banks, universities, flower shops, manufacturers and, yes, insurance firms all must transform to stay relevant and to prosper. Technology is a catalyst for massive upheaval in all industries. If it hasn't happened yet in your arena, it will soon. The travel and

Table of Contents for the Digital Edition of WIN Magazine - Spring 2015

Cover Story: Will the Excess and Surplus Lines Insurance Business Saddle Up with Standards? By CJ Ketterer
Digital Maturity—or Extinction: Your Survival Now Depends on Digital Transformation By Scott Klososky and Corey White
Emerging Trends: The Technology Side By Greg Ricker, CPCU
Emerging Trends in the Property Insurance Market By Ralph Sabbagh, ASLI
Underwriting the Exposures of Business Operations: The Impact of Tenant Leases By Craig A. Mathre, CPCU, CLU, CIC, CRM, ASLI, RPLU, AU, AIC, ARM, AAM
Emerging Risks: Brain Research By Dr. Achim Regenauer
Millennials: How Well You Attract and Keep Them Could Be Your Competitive Advantage By Teresa Vaughn, SPHR
Volcanoes, Hurricanes, Tropical Storms and Floods: Perils and Exposures in Paradise By Sharon K. Lee
“Empowering the Wholesale Nation”: AAMGA Annual Meeting Registration and Room Block Are Now Open
Index of Advertisers

WIN Magazine - Spring 2015