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Asia Rising: Digital Driving – Cognizant Research Report

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Article Synopsis :

Asia is fast becoming the center of digital innovation for the world. The region accounts for half of the world’s total 2.8 billion Internet users, and is already the largest regional e-commerce market.

 The Digital Insurer reviews Cognizant’s Report on Asia Rising: Digital Driving

The digital question for all insurance CxOs: Is that a shining light or a train? 

In the report “Asia Rising: Digital Driving”, Cognizant presents findings from their survey of over 300 business and technology executives in Australia, New Zealand, India, China, Hong Kong, Indonesia, Malaysia and Singapore.  The region’s digital transformation is generating new levels of value for companies throughout Asia, at rates much faster than in mature economies. Cognizant’s research reveals the emergence of an aggressive digital mindset, unique to the region but relevant worldwide:

  • “Digital first” is the new norm
  • Digital equates to growth
  • Digital means money, period
  • Digital now!
  • Business-processes-as-usual is a losing strategy
  • Strong digital leadership shapes the growth agenda
  • Technology-driven disruption promotes innovation

C-suite respondents report tremendous pressure from inside and outside their organisations to meet growing customer and market expectations.  In particular, the following concerns are shaping the digital transformation mandate for leaders:

  • Customers’ digital expectations are higher than ever before
  • Competition is moving from “eat someone’s lunch” to “eat everyone’s lunch”
  • Before data is an asset, it is a liability
  • The battle for next-generation talent is heating up

The report suggests digital transformation is not a “technology-fenced” development, as nearly 40% of respondents presume it to be. Companies must first simplify the complexity associated with digital transformation of their business, and then identify and deploy the technology needed to make it happen. As leaders pursue digital transformation, they should consider the following directives:

  • A converged West-East strategy for innovation and growth
  • Improve the company-wide digital quotient
  • Execute the “dual mandate” (i.e., operational effectives plus new digital capabilities)
  • Understand that data is at the center of every strategy
  • Recognize that digital disruptors are your best friends

Switched-on leaders already recognize the need to transform the very essence of business value generation, as well as their own vision surrounding technology, work and the global economy. Leaders in the Asia-Pacific region must execute with bold precision to meet digital ambitions, while providing an example to the rest of the world of how the digital revolution will likely unfold.

Link to Full Article:: click here

Digital Insurer's Comments

Insurance customers increasingly interact with carriers through mobile apps, social media and other digital channels. The implications of this transformation are reflected in carrier technology decisions, budgets, and, increasingly, profitability.

Meeting the needs of the always-on customer is by no means easy. Creating world-class collaboration environments, delivering information ‘anywhere, any time’, to strengthen client relationships requires often painful decisions. Traditional processes (and sometimes people) are chucked in favour of new and often risky options.

But as insurers in Asia have learned, and insurers in the rest of the world are learning, success requires a winning digital ecosystem, however one gets there.  

Link to Source:: click here

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