The latest Aite Group research finds digital transformation for the life insurance industry is finally in motion: Aite Group report
Boston, MA (Mar. 17, 2020) – The digital transformation journey for life insurance carriers, as with all of financial services, is plagued with the same struggles with budgets, legacy systems, and corporate culture. A new Aite Group report, A Life Insurance Digital Transformation Benchmark: Infancy vs. Maturity, provides a benchmark of where core operational areas stand in their digital transformation efforts in comparison to their peers and competitors. These insights can enable project teams/executive sponsors with best practices and awareness to build successful digital transformation goals and strategies.
The digital transformation journey for life insurance carriers, as with all of financial services, is plagued with the same struggles with budgets, legacy systems, and corporate culture. This report is designed to provide a benchmark of where core operational areas stand in their digital transformation efforts in comparison to their peers and competitors. These insights can enable project teams/executive sponsors with best practices and awareness to build successful digital transformation goals and strategies.
“CRM systems, product sales through direct or self-directed channels, straight-through processing, and customer self-service capabilities have been the primary focus of the life insurance industry and have gained the most momentum over the past few years, placing these tools and technologies in the execution stage, with more growth to come,” explains Samantha Chow, senior analyst at Aite Group.
This report is based on a Q2 2019 online Aite Group survey—conducted in partnership with Silicon Valley Insurance Accelerator (SVIA)—of 22 life insurance carriers, brokers, and agencies globally. Respondents were asked about culture, organizational approach, and usage of specific types of technology related to creating a more digital environment.
Click here for the online summary or to download the table of contents.
This report is based on a Q2 2019 online Aite Group survey—conducted in partnership with Silicon Valley Insurance Accelerator (SVIA)—of 22 life insurance carriers, brokers, and agencies globally. Respondents were asked about culture, organizational approach, and usage of specific types of technology related to creating a more digital environment.
This 36-page Impact Report contains 23 figures and three tables. Clients of Aite Group’s Life Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.
Click here for the online summary or to download the table of contents.
This report mentions Fitbit, Garmin, Pyramid Consulting, and SE2.
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: Aite Group, benchmarking, Digital Innovation, Digital Insurance, FitBit, Life Insurance, Silicon Valley Insurance Accelerator (SVIA), survey, Transformation