Turning an opportunity into competitive advantage – IIS Report

Article Synopsis :

“Digitalization – Turning an opportunity into competitive advantage”, by Kevin Angelini from IIS, is an informal analysis of how insurers have grown in the past and how they’re evolving to meet the digital challenge today. Showcasing real examples of digital initiatives from insurance and tech companies primarily in Asia the author explores digital strategy in terms of context and opportunity, market trends and development, and evaluation of design strategies.

Digital strategy is a top priority for growth-minded insurers

Specific use-cases include:

• Increasing sales by online fulfillment
• Feeding agent distribution networks
• Improving customer retention by offering better service
• Reducing claims experience by investing in wearable technology
• Enhancing pricing by combing internal and external data
• Investing in venture capital to gain access to technology and innovation

The report suggests carriers  ask themselves five core questions in defining digital strategy:

1. Define the Digital Vision: What is our aspiration?
2. In what spaces will we play? Clear priorities and focus
3. How will we win? Clear plan of action
4. Distinctiveness: What differentiating capabilities do we need?
5. Implementation: What support and information infrastructure do we need?

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