The Top 3 Digital Imperatives for Insurers
Insurtech firms have caused an upheaval in the insurance industry. It's about time for insurance incumbents to take a fresh look at how to apply new digital capabilities.
Too often, insurers take a fragmented approach to digital adoption. They launch initiatives in isolated pockets within the business with little overall coordination. In fact,
more often than not, insurers lack a comprehensive digital plan, which impedes their ability to implement the process and business-model changes necessary to drive revenue, profitability and other targeted business outcomes.
As with any change initiative, digital transformation requires a clear strategy. This strategy must be based on an accurate understanding of the digital “as-is” state – that is, the company’s “digital maturity.” With a realistic view of their maturity level, insurers are better positioned to create and apply a comprehensive digital plan to stay ahead in this highly competitive industry.
To help organizations gauge their level of digital maturity, we developed a Digital Maturity Diagnostic (DMD) framework. This diagnostic tool uses insight gleaned through self-assessments by senior business and IT executives of multibillion-dollar companies. Although the DMD survey is ongoing, the current results show a clear pattern. Download the white paper to explore it further.