The Flywheel effect is a concept developed in the book Good to Great. No matter how dramatic the end result, good-to-great transformations never happen in one fell swoop.

Modernizing insurance data can involve changes in technology, structures, and workflows. From a leadership standpoint, it can also involve significant investments in new features like predictive data analytics. But despite the potential short-term challenges, carriers should persist with modernizing their operations because they stand to gain from a phenomenon known as the ‘Flywheel Effect’.

According to the Flywheel Principle, big changes can often take time to yield results, but there is a certain inflection point after which they start gaining rapid momentum and paying off huge dividends.

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