What Is Flywheel Effect?

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. To get better information about Flywheel effect, I have written in depth on this topic. Visit us today. Source URL: - https://www.simplesolve.com/blog/leverage-your-data-for-intelligent-underwriting-and-claims-decisions