Digital Transformation in Insurance: Current Benchmark and Future Roadmap

Cloud-based technologies and big data are getting close to maturity, with 81% and 71% of insurance carriers, respectively, committed to using these tools to support data-driven objectives: Aite Group report

Boston, MA (Sept. 17, 2019) – With so many processes and functions along the value chain to update and conform to digital, insurance carriers across the globe have been spread thin in their efforts to transform. Keeping with standard insurance practice, strategies have been developed at all points across the organization without collaboration, creating little value and minimal return on investment. Aite Group’s new report, Digital Transformation in Insurance: Current Benchmark and Future Roadmap, will help carriers understand where they are in their transformation countdown and whether they will be left behind.

“We found that more than half (58%) of insurance organizations surveyed are utilizing partnerships with startups as a resource for digital transformation, and the number of partnerships is expected to grow to 77% by 2020,” states Samantha Chow, senior analyst at Aite Group.

Click here for the online report summary or to download the table of contents.

Companies’ use of digital technologies in core operations

This research is designed to provide insurance carriers a benchmark of where the industry is on the digital transformation scale. The analysis is based on a Q2 2019 online Aite Group survey—conducted in partnership with Silicon Valley Insurance Accelerator—of 48 insurance carriers, brokers, and agencies globally.

This 38-page Impact Report contains 27 figures and one table. Clients of Aite Group’s Health Insurance, Life Insurance, or P&C Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Allstate, Amazon, Blockbuster, Google, Howard Johnson’s, Kmart, Life by Spot, Life.io, Metromile, Principal, Progressive, Radius, Salesforce, Slice Labs, Sure Inc., SVIA, Trōv, Velocify, and Vitality.

Click here for the online summary or to download the table of contents.

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