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Opportunities and Risks of Digitalization in Insurance

By Juergen Weiss | November 26, 2014 | 0 Comments

Kimberly Harris-Ferrante here:

Changes are unfolding quickly in the insurance industry. Pressures to transform are growing, consumer preferences are steadily shifting, and competition becoming more fierce than ever before in many markets. Digital business model transformation is believed to be the answer by many to meet these new business demands. However, while this is a key tenant to staying competitive, we do not think that this transformation will be easy or not met with new challenges, or that digitalization alone is the only answer to maintain leadership position in the market. To help guide insurers, we have released our 2015 insurance prediction report which highlights 5 key predictions for global life and P&C insurers. These predictions, which address how digitalization will enable improved financial returns, the magnitude and speed of change among insurance consumers, the immaturity of big data within the industry, the security ramifications of internet of things technologies, and the slowing speed of core system replacement projects, will provide guidance for CIOs and IT leaders in building improved IT roadmaps, avoiding pending risks associated with emerging technologies, and help to understand how business transformation will be supported by new IT endeavors. We encourage business and IT leaders alike to review these predictions to update strategies accordingly and compare against 2015 IT investments in order to achieve improved business performance and avoid unnecessary risks.

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