The Meaning of Digital in Insurance: A Total Transformation Strategy

Carriers’ digital transformation strategies have gaps, while consumer and organizational needs are not being met: Aite Group

Boston, MA (July 10, 2018) – While insurance carriers have been working toward digital transformation, they are challenged to create a complete digital strategy—a strategy that encompasses not only the insurance carriers’ needs but also the consumers’ needs. The fact is that “digital” means different things to different people, regardless of whether they are thinking as a consumer or as an individual in the insurance industry. These perceptions play a significant role in ensuring successful digital transformation and have proven to be a barrier to developing and implementing a strong digital strategy.

Aite Group’s newest report, The Meaning of Digital in Insurance: A Total Transformation Strategy, is intended to support a well-rounded and complete digital strategy while identifying areas of consideration in which many carriers fall short in their overall transformation.

“Disparate digital strategies, as a result of mixed perceptions of what digital means across the insurance organizations and from consumers, has created a barrier to successful transformation,” explains Samantha Chow, senior analyst at Aite Group.

With digital transformation at the heart of each insurance organization and the focus of improving the customer experience, this Impact Note brings together the different meanings of “digital” from the consumer and insurance organization perspectives. It is based on email communications and face-to-face interviews with 37 individuals in the insurance industry and 19 consumers in the United States.

To request a press copy of this report or to speak with Samantha Chow about this topic, please contact pr@aitegroup.com.

About Aite Group

Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us at www.aitegroup.com.

Source: Aite Group

Tags: , ,