Early views of digitalization saw it as a means to reduce cost-to-serve. Opportunities for insurers to differentiate themselves from other providers except through price was limited. Now, service, convenience and customization of experiences are all possible and customers demand it. In future the uses of digital technology will become more strategic, as insurers leverage it to enter new markets, optimize supply chains and communicate with investors.
Transforming Insurance identifies five key areas of focus for insurers and intermediaries who are looking to enable digital innovation into their day-to-day operations and growth initiatives, including:
In our 2014 survey of insurance executives, we found a greater appetite by insurers to use digital technology to achieve their strategic goals over the next three years.
How do you plan to use digital technology in the next 3 years, and how does this compare with how you have used digital technology over the last 3 years?
Insurers seek competitive advantage, telematics highlights opportunities and challenges of emerging disruptive technologies.
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