Library: PropertyCasualty360 – How insurance companies can measure digital transformation success

Executive summary :

Digitisation can’t occur in a vacuum. Its success hinges on an insurer’s ability to harness an innovative mindset at every level of the organisation.

ROI should be the focus of insurers’ digital transformation

The COVID-19 pandemic has transformed the insurance industry from a technological laggard to a trailblazer practically overnight.

Huge growth in adoption

Amid the shift to remote work and the pressing need to unlock new efficiencies and revenue streams in an unpredictable economic climate, the industry’s digital adoption surged 20% over the past year, according to Bain & Company research.

Longstanding scepticism toward newfangled technology has given way to a deep appreciation for how digitisation can streamline workflows, enable data-driven business decisions, and significantly improve the customer experience.

But digital transformation is not an end in itself. Moving forward, it will be an essential means for the industry to navigate the challenges and opportunities it faces.

Ore to digitisation than adoption

It’s one thing for insurers to adopt new digital tools and platforms. It’s quite another for them to successfully utilise these tools to eliminate bottlenecks in revenue streams and make measurable gains in customer engagement.

As the industry looks toward an increasingly digitised future, how can insurers measure success?

Here’s what carriers should keep in mind — and why digital transformation should not only transform how carriers execute key processes but also how they evaluate ROI.

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