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The fast way to becoming a digital front-runner – PWC research

Article Synopsis :

Insurers must embrace digital transformation in order to accelerate their journey to digital excellence.  Since digital technology continues to mature and evolve, digital transformation across business processes will enable insurers to remain competitive and profitable.

 The Digital Insurer reviews PWC’s Report on  Insurance 2020 - Forcing the pace – The fast way to becoming a digital front-runner

Insurers must embark on a transformation journey to achieve true digital excellence

In the viewpoint research report “Insurance 2020: Forcing the pace – The fast way to becoming a digital front-runner”, the PWC team explore the megatrends that are reshaping the competitive environment for insurers and the markets in which they operate.  The PWC team surveyed 9,281 consumers from various countries about what kind of life insurance they hold, their attitudes to buying life insurance digitally and what, if anything, would encourage them to buy life insurance this way.  The report highlights that in order to add value through digital, three waves of change are taking place:

  1. Businesses have the right mix of digital channels to improve customers’ e-commerce experience and successfully integrate their physical and digital operations
  2. Businesses exploit information gained from how customers want to use their products and services to develop new propositions which help customers improve their lifestyle and increase their loyalty
  3. Customers’ digital identity will become complex. The more they interact with a business’s products and services, the more insights they will gain about themselves. That then offers an opportunity for a ‘digital identity manager’ to work on their behalf to get the best deals

PWC believes that there are ten fundamental attributes that will mark out the companies best able to take advantage of the digital potential:

  1. Contextualised
  2. Optimised
  3. Engaged
  4. Targeted
  5. Guided
  6. Synchronised
  7. All-embracing
  8. Nimble
  9. Efficient
  10. Sensitive

Link to Full Article:: click here

Digital Insurer's Comments

Digital transformation is becoming an imperative for insurers as it drives deeper customer relationships and ultimately profitability.  In the technology driven business environment where social, mobile, cloud, and big data rule, the traditional brick and mortar model is certainly being challenged.  For insurers, digital transformation can be broken down into the following  four step iterative process:

  1. Assess current position
  2. Devise transformation strategy
  3. Mobilise resource and invest to realise the strategy
  4. Implement transformation strategy

Link to Source:: click here

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