You shouldn’t have to convince internal IT teams and executives that digital transformation is not a risky endeavor. That shouldn’t be a debate. In fact, it’s their only choice. Not taking action is by far a worse choice.
I get it, change can be difficult, daunting, and risky. And improving company outcomes starts with weighing the pros and cons of transforming operations to stay competitive in a growing market. And the insurance industry continues to grow and evolve in the digital sphere.
Insurance companies can begin their digital transformation journey by simply taking inventory of the business and its intelligence tools, interoperability, and integration to a unified namespace.
From there, one can begin to challenge the core objections to digital transformation: why now, and how do we benefit from the data we have?
Digital transformation may be an overused buzzword in tech, but it is a necessary action—and an opportunity to create an entirely new ecosystem to help insurers scale.
Customer experiences and expectations should be the driver for implementing digital transformation at an insurance organization.
In 2021, 66% of insurance executives reported that the pace of digital transformation for their organization is accelerating. If you’re not part of that 66%, you’re miles behind the starting line. (Source: Accenture)