Over the past few years, technology has transformed the insurance industry at an exponential rate. Insurers expect that many insurance companies’ digital strategy will work towards acquiring and expanding their technical capabilities.
Accenture recently released a survey that polled 141 C-level executives at P&C and life insurance companies and this is what they’ve found:
- 59% expect their industry peers to buy digital insurance startups over the next 3 years.
- 43% have already made such acquisitions or plan to make them in the near future.
- 44% cited technology companies such as Google or Facebook as potential partners.
- 61% offer or are considering offering digitally focused non-insurance products such as home security, smart sensors, and car maintenance.
The goal here is to maximize the benefits of the digital transformation in the insurance industry in order to increase the amount of customer touch points and demonstrate greater value. Senior managing director of Accenture’s global insurance practice said in the release of this survey, “Insurers realize that digital technology will transform the way they operate, and we believe that the industry is entering an unprecedented period of change, which will lead to totally new products, services, and business models.”
Not ready for the digital transformation? Not to worry – Novarica has recently released a 6-step checklist to prepare for the P&C digital transformation:
1.) Identify key trends and business processes that will be affected.
2.) Identify strengths, weaknesses, opportunities, and threats.
3.) Understand maturity of key practice areas (business & application architecture).
4.) Conceptualize future business capabilities and needs.
5.) Optimize project prioritization process.
6.) Adopt a test-and-learn culture for digital transformation.
Check out the full checklist here.