How digital leaders outperform their peers – A Capgemini report
Article Synopsis :
The world is changing fast and sticking to what businesses have always done in the past is no longer a wise option. Insurers are not immune to these changes and every part of an insurers business model is subject to new threats. To mitigate these threats, insurers will have to accelerate their journey to digital excellence.
In the digital advantage research report “How digital leaders outperform their peers in every industry” Capgemini in collaboration with MITSloan sheds light on what fast-moving digital innovations mean for large traditional companies. The report identifies four key transformation management practices that enable companies to align their digital efforts under a common vision and coordination structure, and engage the company in making that vision a reality. These four factors are:
• Transformative vision
• Digital governance
• IT-Business relationships
The research report also contains case studies of few firms that have positioned themselves to capture the real business benefits of digitisation.
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Digital Insurer's CommentsThe impact of digitisation is more profound than anyone could have anticipated. For sustainable value creation through digitisation, insurers need to ensure their business model remains competitive in the disruptive environment.
Looking at the technology shift and the impact it’s having on the customers around the world, we believe there is a huge opportunity for insurers to reposition themselves by focusing on designing customer-centric solutions for:
1. Self servicing customer
2. Socially connected customer
3. Available anytime/any channel customer
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