Why insurers need to transform digitallyPublished on 19 Sep 2018
The insurance industry stands to benefit significantly from the value that digital transformation offers. Digital technology can drive operational efficiencies, enhance the customer experience, reduce costs and make insurance businesses more profitable. Not all insurers are ready to transform digitally though – but can they afford not to? Undoubtedly, the time for change is now! Read about what the rise of the digital era means for insurers, what is driving digital transformation in the insurance industry and how insurers can create value through digital transformation.
The Rise of the Digital Era for Insurers
It is clear that digital transformation initiatives, along with rising customer experience expectations, are forcing insurers to become more customer centric. “For carriers with the resolve to see their business through the eyes of the customer, each interaction becomes a way to live up to their brand promise; functions come together in new ways across customer journeys; and technology and digital become accelerators.” — McKinsey & Company, The Growth Engine: Superior Customer Experience in Insurance. Read on to discover how insurers can achieve customer-centricity and why this is critical to their success …There is also an option to download an eBook from SMA – the Top 5 Steps to Improve the Insurance Customer Experience.
- Publisher: Appian
- Access: Public
- Download: Option to download eBook
What's driving digital transformation in the insurance industry?
Compared to other industries, the insurance industry is lagging behind in digital transformation and missing out on the many benefits digital has to offer, namely: enhanced customer engagement, operational efficiencies and ultimately, profit. But change is happening… spurred by consumer demands for service convenience, in a digital world, where conversation and access to information is instantaneous and accessible on any device. Meanwhile, industry disruptors are entering the market and making digital transformation a key success factor. Read on to discover what areas to focus on early in a digital transformation strategy in order to gain support from your executives, as well capitalize on the value of digitization…
- Publisher: janrain
- Access: Public
- Download: None
Creating value through digital transformation
Having a digital transformation strategy is no longer a choice for insurers – rather it is key to success and survival in today’s dynamic digital world. Aging legacy systems, regulatory requirements, new entrants to the market, cost pressures and consumer expectations are just some of the factors driving change in this sector. Insurers that have already begun to include digital capabilities in their business models, are starting to realize the potential value. This paper recommends that insurers “move boldly to devise enterprise-scale digital strategies,” as digital transformation programs can deliver internal, as well as external, efficiencies for a business. Read on to discover a “range of specific use cases that can produce the breakthrough performance gains and ROI insurers need”.
- Publisher: EY
- Access: Public
- Download: PDF (1.06MB)