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How mature is your digital strategy?

By Juergen Weiss | November 15, 2013 | 0 Comments

Digitalization in insurance has become one of the biggest buzzwords in the insurance industry during the last 9 months. We have just completed our Symposium in Barcelona and we hosted a group of more than 50 CIOs and IT executives from insurance during a digitalization workshop. We discussed different expectations and experiences with them and it became obvious that the definition of digitalization varies considerably in the industry. The workshop participants mentioned topics such as customer centricity, operational efficiency or predictive analytics when we asked them about their digital priorities.  We used portions of our digital maturity toolkit to evaluate how advanced digitalization strategies in insurance are. To summarize the result: average at best. One of our biggest concerns is that both business and IT managers in the insurance industry seem to overestimate the maturity digital strategies. In a recent research note we have already addressed this issue because we believe that this wrong perception could actually lead to wrong conclusions and a limited scope of digital strategies. What’s your opinion? Do you believe that your digitalization strategy is already mature? Or do you believe that the whole topic is completely overhyped?

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