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Digital reinvention – Trust, transparency and technology-IBM

Article Synopsis :

The transformative impacts of social media, mobile technology, analytics and cloud drive a new technological lifecycle requiring the reinvention of markets, strategy – and value itself. Most insurers are in a tight spot, playing the catching game. The key challenge: How to define and execute a successful digital transformation strategy that enhances organisational effectiveness in terms of product innovation, customer engagement and operational efficiency?

 The Digital Insurer reviews IBM’s Report on Digital reinvention - Trust, transparency and technology in the insurance world of tomorrow

Recycling old ideas in new technologies is merely keeping up.  Reinvention is required to get ahead… 

In the executive report “Digital reinvention – Trust, transparency and technology in the insurance world of tomorrow”, IBM’s Institute for Business Value highlights practical ways to approach the fast-moving  and radically different world  of digital interaction between organizations and individuals, evolving toward an everyone-to-everyone (E2E) model of engagement. Per IBM,  E2E environments will be orchestrated, symbiotic, contextual and cognitive and  successful insurers will tend to think disruptively, challenging established norms, blurring organisational boundaries, and establishing new partnerships.

The report goes in-depth on the four key technology drivers of E2E from a business point of view:

  • Social media explosion
  • Mobile revolution
  • Analytics
  • Cloud enablement

It also raises and discusses four useful questions executives can ask themselves to help assess their organisations’ digital maturity in the context of E2E:

  • Connectivity – How is our ecosystem coordinated and what are the driving forces?
  • Interactivity – What is the depth of relationship between the individual and our organization?
  • Awareness – What is the depth of market insight and is it reflected in the consumer experience?
  • Intelligence – How is decision-making informed?

The report concludes with a detailed analysis of IBM’s Digital Reinvention Framework, offering four high-level takeaways for executives aiming to lead their organizations to success in E2E:

  • Become orchestrated, symbiotic, contextual and cognitive
  • Open up to external influences
  • Connect to new ecosystems and partners
  • Invest in digital mobilisation across the organisation

Link to Full Article:: click here

Digital Insurer's Comments

This report, an insurance-specific take on IBM’s landmark Digital Reinvention Study, covering 1,100 business executives and over 17,000 insurance consumers across 24 countries, does an excellent job shedding light on the growing gap between what insurance customers want and what insurer carriers, by and large,  seem prepared to deliver.

Younger consumers especially hunger for a more digital, interactive experience, and the thing is ‘younger’ used to be defined as under 24 but it’s now defined as under 35.  With each passing year ‘younger’ gets older.

Many industry observers are already forecasting the end of insurance as we know it. Though this seems hyperbolic, when you consider tech companies like Google, Facebook, Twitter, Mastercard, Amazon and Visa, who have nothing to do with insurance, know more insurance ‘stuff’ about customers than insurance carriers themselves, and are vastly superior at  digital customer engagement, maybe it’s not such a stretch after all.

Link to Source:: click here

 

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