One of Blockbuster's biggest failures was that it failed to harness the latest technology to achieve digital transformation.
The decline and fall of the Blockbuster empire can’t be pinned on any one decision, but one of the company’s biggest failures was that it had failed to latch onto the growing availability of streaming technology. By contrast, Netflix embraced it, pivoting away from DVD sales and rentals in anticipation of changing viewership habits.
A similar dynamic is unfolding in the insurance industry, where those suspicious of change and slow to innovate may find themselves on the same trajectory as Blockbuster. Meanwhile, insurers who harness the latest technology to achieve digital transformation will be better positioned to serve an evolving market and win the future.
Source: Property Casualty 360