Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at martin.kornacki@the-digital-insurer.com

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

The Digital Insurer In 2015 – Forrester Consulting

[ff_author_box_style2]

Article Synopsis :

Social media, mobile, cloud, analytics and omni-channel delivery are shaking up the traditional pillars of the insurance industry. A burning question facing most insurers today is: How do I succeed in the digital age, staying ahead of the pack, while not squandering resources on trendy projects with no ROI?

 The Digital Insurer reviews Forrester’s Report on The Digital Insurer In 2015

Reaching today’s connected customer is a complex challenge. 

In “The Digital Insurer In 2015”, the Forester Consulting team examines how insurance organizations in Germany, the UK, and US are embracing digital initiatives. Conducting in-depth surveys of 200 insurance IT and business decision-makers, Forrester’s key theme is that in order to deliver on their organizational promises, insurance IT and business leaders must collaborate and align on key digital business priorities, technology enablers and processes.

Other findings include:

  • Insurance customers have a growing appetite for digital interaction, stoked by digital experiences in other industries (e.g. retail, entertainment).  Insurers who meet this ‘raised bar’ will achieve higher levels of customer acquisition and retention.
  • Insurance IT organizations will be in the digital hot seat.  Revenue will increasingly depend on high-quality digital experience, delivery of which falls squarely on corporate IT.
  • Fundamental structural problems threaten insurer digital success.  Risk-averse corporate cultures and cost-averse funding models for IT must be overcome.

The report articulates detailed survey findings in the context of five megatrends pertinent to all insurers:

  • Effective Digital Strategies Will Drive Insurer Business Growth In 2015
  • Disruptive Technologies Will Improve Insurer Financial Performance
  • Insurance IT Organizations Will Lead Insurance Digital Transformation Initiatives
  • Fundamental And Systemic Insurance Industry Issues Threaten The Success Of Digital Initiatives
  • Customer Expectations Will Only Increase, Demanding Ambitious Digital Planning

The report concludes by issuing three firm recommendations to insurers serious about enhancing their digital capabilities:

  • Forge cross-company relationships to develop and support the digital agenda
  • Leverage big data to create high-value contextual experiences
  • Selectively outsource to accelerate the speed of digital time-to-value

Link to Full Article:: click here

Digital Insurer's Comments

Successful digital transformation through the mapping of digital initiatives to business objectives benefits insurers in three ways.  First, it delivers superior customer experience; second, it streamlines operations; and third, digitised business models lead to new opportunities for cross-selling, distribution and collaboration.

But there are hurdles. Technology is changing so rapidly that even the most agile insurer, who wants to invest, is often at a loss to decide where. Another challenge is finding the skills and capabilities required to manage more integrated and open IT infrastructures, compared to traditional insurer set ups.

It’s not hyperbole to suggest digital technologies are prompting a re-think of every significant insurance process. Insurers who innovate, leveraging new technologies to re-invent operational and business models, will surely fail in some endeavors, but be better positioned overall to deliver on the high expectations of the increasingly digital insurance customer.

Link to Source:: click here

Comments

';

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in