How Digital are You?

Our perspective on digital transformation in the insurance industry.

With an increasingly complex regulatory environment and the fastest-changing consumer ever, the need for insurers to reassess digital capabilities and agility has never been greater.

But even though insurance companies understand the importance of digital transformation, few are capitalising on the opportunity,beyond (for example) putting a simple Facebook icon on their home page. When it comes to the “why”, the message has definitely landed with CxOs, but the debate is quickly moving to the “what” and the “how” (see diagram “HowDigital are You?” on page 9).

Clearly, opportunities are being developed based on the internal and external benefits: primary areas are those that impact top line or brand value, ranging from improving customer experience to introducing new product offerings. But digitisation is not just about customer acquisition (where historicallymuch of the focus has been): it is also about transforming internal processes and leveraging the power of data, which are ultimately the engines that drive organisational performance.