Charting a course to best-in-class capabilities – BCG

Article Synopsis :

Digitisation has reinvented the path insurers  must tread to achieve favorable return on investment.  While trying to embed digital capability into future products and services, insurers need to outline the way they are going to implement digitisation throughout the enterprise.

Insurers must leverage digital opportunities or face getting left behind

In the industry spotlight report “Digital Insurance – Charting a course to best-in-class capabilities”, Stephan Heydorn and Jurgen Strohm from BCG highlight how the evolution of the digital economy is radically changing customer expectations and behaviours and how insurers cannot afford to take a wait-and-see approach to thrive in this environment.

As per the report, insurers need a wide range of capabilities to take full advantage of digital opportunities and to achieve a key overarching objective of customer-centricity.  The  report argues that insurers need to optimise in three areas to achieve true digital customer-centricity

1. Customer and market management
2. Operations
3. IT

The report also highlights that insurers must be prepared and be able to make changes throughout the organisation in order to achieve the necessary degree of “digital fitness”. This requires insurers to:

1. Align digital strategy with business objectives
2. Build internal capabilities
3. Tailor to the existing organisation
4. Establish a culture that encourages experimentation

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