Digital shift in insurance: The new age of the digital platform
The implications of digital will extend into operational efficiencies, the customer experience, the changing risk landscape, and products. Digital transformation will be required in property and casualty personal lines, commercial lines, workers’ comp, life, annuity, employee benefits – and virtually any line of business or product offered by the industry.
A digital wave is sweeping across the world and affecting the way we live, learn, play, and conduct business. The insurance industry has been swept up in these changes and is in the midst of a massive digital transformation.
Virtually every insurer of every size and line of business has some level of digital activity underway, ranging from a collection of projects to very comprehensive, enterprise-wide transformation strategies.
The reason that becoming a digital insurer is so essential is that the implications for insurance are so far-reaching. In an industry with complex processes and enormous amounts of forms and paper, the potential for operational efficiencies is huge. But that is just the beginning. Perhaps the greater potential in insurance is leveraging digital capabilities to improve the customer experience.
Agents, brokers, prospects, policyholders, claimants, and anyone interacting with insurance companies expects those interactions to be mobile, real-time, personalized, and accurate.
Another very important way that digital affects insurers is related to risk. The advancements in digital and emerging technology-based solutions are changing the landscape of risk for customers and every industry sector. The potential to significantly reduce risk is on the horizon, but at the same time, there are new risks surfacing that insurers must be aware of. The changes in risk present both opportunities and threats for insurers.
The implications of digital will extend into operational efficiencies, the customer experience, the changing risk landscape, and products. Digital transformation will be required in property and casualty personal lines, commercial lines, workers’ comp, life, annuity, employee benefits – and virtually any line of business or product offered by the industry.
This SMA report includes a tech profile of DXC digital insurance as a service.
Sections of interest in the report include:
Business capabilities for insurers
- Capitalizing on customer expectations
- Optimizing and transforming operations
- Building a responsive, agile organization
Technology capabilities for insurers
- Microservices, cloud, and serverless computing
- New user-interaction technologies
- Real-time, omni-channel operations
- Analytics and AI
- Digital platforms
