An Actionable Guide to Digital Transformation in Insurance
The business benefits of digital transformation cannot — and should not — be understated. According to research conducted by Accenture and Oxford Economics, nearly 90% of insurers have a long-term innovation plan to incorporate technology into every facet of their organization. A full 40% of respondents said they believed their tech investments would bolster consumer loyalty, 37% thought it would create new revenue streams, and a third anticipated that the innovation would allow them to increase their market share.(1)
However, these benefits cannot be realized without careful planning and implementation. Digital transformations need to occur within a context of organizational alignment and shared vision; otherwise, they will inevitably fall flat. This whitepaper will provide a comprehensive overview of digital transformation and its competitive value in the insurance space. It will also serve as a playbook on how an insurer can create a high-value innovation “roadmap” to pave the way towards a successful digital transformation.
This paper further considers:
- The competitive advantage that digital transformation provides
- How to define and derive Minimum Viable Products (MVPs)
- How to develop a high-impact innovation roadmap
- The tangible gains that executing such a plan can provide