The insurance sector is going through an unprecedented shift with rising customer expectations, increasing regulatory requirements and new competition from fintech startups. Insurers fully understand that digital transformation is critical to improving both operational efficiency and the customer experience. Organizations have initiated multiple steps to modernize their back and front offices, but the pace of progress is yet to pick up. This is partially the case because of burdensome legacy systems that insurers are finding hard to navigate, before they are able to address the real customer experience issue. At the same time, they need to find ways to partner with emerging fintechs to increase the extent of personalization they offer to their customers. It is not an easy path, but insurance companies have no choice. The only way to stay relevant and competitive is to move up the value chain – give up the traditional product-based approach and transition to a customer focused organization.