Digital Strategy is Key Focus Area for Insurers, But Diversity of the “Digital Platforms” Solution Category Makes it Hard to Find the Right Solution
New Novarica report provides more than 20 named examples of insurer digital initiatives and the specific solutions used, drawn primarily from Novarica case studies
Boston, MA (Apr. 21, 2021) – With a wide range of solutions all marketing themselves as digital platforms, the term “digital platform” is just as ambiguous within insurance as the term “digital strategy” can be. In a new report, Digital Platforms in Insurance: Overview and Key Issues, research and advisory firm Novarica outlines the differences within the “digital platforms” space and provides more than 20 named examples of insurer digital initiatives and the specific solutions that they used, drawn primarily from Novarica case studies.
“Insurers thinking about ‘digital platforms’ should make sure they have a clear understanding of their digital strategy and its objectives,” said Matthew Josefowicz, President and CEO of Novarica, and co-author of Novarica’s new report. “Insurers that understand which digital capabilities are required to meet their objectives are better prepared to understand the advantages and disadvantages within the field of solutions marketed as digital platforms.”
Key findings of the report include:
- The “digital platform” marketplace is so diverse that it’s hard to navigate. Vendor marketing is confusing, with widely different solutions marketed with the same terms.
- Providers come from different perspectives and solve different problems. Marketing/website, pre-built portals, business process tools, and partner integration all address different needs.
- Custom development is common. Many insurers choose to build, leveraging development platforms or low-code/no-code tools to create digital experiences.
Click here for the table of contents or to access the report.
Report Summary
Insurers that understand which digital capabilities are required to meet their objectives are better prepared to understand the advantages and disadvantages within the field of solutions marketed as digital platforms.
The term “digital platform” in insurance is ambiguous. A wide range of solution types are marketed to insurers as “digital platforms,” from digital experience and digital marketing platforms to pre-built portals and low-code/no-code, and even hubs and intermediaries.
This report is designed to help insurers understand the differences within this space and align their needs to the right class of solution. It includes more than 20 named examples of insurer digital initiatives and the specific solutions that they used, drawn primarily from Novarica case studies.
Click here for the table of contents or to access the report.
About Novarica
Novarica helps more than 150 insurers make better decisions about technology projects and strategy. Its research covers trends, best practices, and vendors, leveraging relationships with more than 300 insurer CIO members of its Research Council. Its advisory services provide enterprise phone and email consultations on any topic for a fixed annual fee. Consulting services range from assessments and strategic roadmaps to vendor evaluations. For more information, visit www.novarica.com.
Source: Novarica
Tags: Novarica, platform
