The four components include using data for real-time insights, creating organizations that are agile, using those capabilities to focus on customers and pursuing innovation.
No insurer can pursue all digital initiatives, so it's wise to choose a path that emphasizes one approach over another.
Many insurers begin their digital transformation by focusing on the process of selling, including distribution and quoting. Typically, that's followed by a focus on claims, then underwriting.
Insurers have responded to the digital challenge with a variety of strategies. Many have expanded internal resources and some have responded by creating separate units.
A survey on digital maturity aims to allow insurers to compare themselves to competitors and peers. It also allows them to look beyond their sector or industry to better assess their digital progress.
Adapting to today's digital environment requires agility, not mass. That favors smaller organizations and tightly focused teams. Those who learn to adapt and innovate will prevail.
Insurers too often make large investments in a particular function, then move to the next topic. What was cutting edge quickly becomes standard, then obsolete. The answer is to think about continual improvement.
Technology used to be a department, then a core function, and now a key business driver. Getting there involves the entire company, including leadership at the highest levels and creativity from throughout the organization.
Even for insurers that offer both personal lines and commercial coverage, organizations have made greater strides in becoming digital personal lines insurers.
Insures may make strides in becoming digital capable but without an ability to transform themselves, those efforts will fall short.