In a world of an abundance it is hard to keep an overview. Curated lists can help. This was one reason for me to create out of hundreds of firms a list of top 50 digital insurance companies - insurers, re-insurers and brokers. Another reason was the following: On the one hand in speeches of c-suites and press releases a majority of insurance companies around the world pledge to develop answers for the challenges the digital transformation keeps in store for our industry. On the other hand I discovered while talking to insiders of these companies different stories. Besides colorful offices in technological hubs often no real change is implemented. I also stumbled on small or midsize players that seemed to dedicate themselves to use the opportunities of the dramatic changes happening. How can we differentiate between those insurance companies that claim to modernize and those that really do?
My list should help here. How?
Digital transformation is not only the modernization of technology and business models, but also corporate culture. I believe in order to be able to modernize traditional companies it is essential to also modernize corporate culture - especially introduce agile work methods, flat hierarchies and transparency. One indicator or for the latter is in my opinion the use of social media as a channel to communicate with customers and employees. Those companies who do this successfully are influential on social media. My ranking of the top 50 digital insurance companies is driven by an algorithm that measures influence on social media. I don't have any influence on it - so all blame or fame goes to the algorithm.
One word at the end: Do I believe that from this algorithm or ranking it is fair to draw overall conclusions about the digital fate of certain companies? No - of course I don't. Success and influence on social media does not solely define the success of insurance companies. But let's be very frank: If someone claims to be very digital, agile and open, but verifiably has no successful presence on social media, I think they have a problem with their credibility.
PS: In case I missed your insurance company, feel free to contact me. I am happy to include it into the next rating.