The insurance industry is embracing transformation to keep pace with the ongoing digital disruption across global markets and economies. A combination of factors – including changing consumer demography, new demand patterns, new market entrants, profitability concerns, and operational resilience – are urging this dramatic shift.
Notably, in making the shift, enterprises are moving away from a siloed approach to an organization-wide digital transformation strategy, as they increasingly realize the short-lived gains of pointed technological interventions. The underlying theme across enterprises’ failed attempts is a disjointed vision that does not support the firm’s overall growth strategy. Insurance firms are increasingly modifying their federated approach to digital transformation to a centralized strategy to ensure successful investments and meet their strategic objectives.
In this research, we deconstruct the digital transformation journeys across key insurance industry segments – L&P insurance, P&C insurance, reinsurance, and brokerage – by examining the underlying objectives, operationalization approaches, and requisite investments being made to ensure favorable outcomes.
Scope
Industry: insurance
Geography: global
Contents
As part of this study, we interviewed leading insurance enterprises across key industry segments – Life and Pensions (L&P), Property and Casualty (P&C), reinsurers, and brokers – to examine:
- Why insurance enterprises are undertaking digital transformation initiatives, the key drivers for their journeys, and current digital maturity across various industry segments
- How they are operationalizing these efforts in terms of spearheading, prioritizing, funding, and executing the initiatives
- What are the resulting target operating models and key investments required to attain the end state
Membership(s)
Insurance Business Process
Sourcing and Vendor Management
