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.
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.
Even for insurers that offer both personal lines and commercial coverage, organizations have made greater strides in becoming digital personal lines insurers.
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.
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.
