Speaking at the panel "Digitalization from all angles: relief or new challenge for business?", Marković pointed out that digitalization is often reduced to speed and technological tools, while its essence is neglected, which is process improvement and creating value for the user.
"The point of digitalization is speed, but also the experience that the user gets. Digitalization is not measured by competition in the same industry, but by what users are already used to in digital," said Marković.
He assessed that the insurance industry in Montenegro and the region still predominantly offers traditional products sold through digital channels, but that this is not the same as a truly digital product.
"These are still traditional products, and they are just enabled to be sold digitally. In order to talk about true digital transformation, it is necessary to develop products that are designed from the beginning for the digital environment and that provide users with a fully digital experience from start to finish," said Marković.
Marković pointed out that successful digital transformation does not only involve technological changes, but also the organization's willingness to accept new work models and develop a culture that supports innovation and continuous adaptation.
"One of the biggest challenges is resistance to change. Companies often want to present themselves as digitally transformed, while at the same time a significant part of the organization continues to function according to traditional principles. Without changing the way of thinking and organizational culture, it is difficult to realize the full potential of digitalization," Marković pointed out.
Speaking about risks, he warned that digitalization brings new challenges, especially in the areas of cybersecurity and reputation management.
"Digitalization brings numerous advantages; greater efficiency, faster processes and a better user experience. However, in parallel with this, new risks are also growing. Today, even a relatively small cyber incident can have serious consequences for a company's business, liquidity and reputation," said Marković.
Concluding his presentation, Marković said that the insurance sector, like many other industries, is still in the process of real digital transformation, and that the key to success in the coming period will be the ability of organizations to simultaneously develop technology, processes, and people.
(Uniqa)
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