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.
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.
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.
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.
Insures may make strides in becoming digital capable but without an ability to transform themselves, those efforts will fall short.
