You’ve heard the expression, “All roads lead to Rome,” but is that true for all insurers looking to jump on the information superhighway? According to new research from Gartner, *P&C and life insurers take different paths for digital transformation and digital business optimization. Companies can be segmented into five approaches, and CIOs who are looking to support transformation and optimization need clarity on what operational strategies are needed to support each. Are you a Traditional Business, Early-Stage Digital, Digital Fast Follower, Digital Innovator or Digital Transformer? Each group has a different approach by virtue of their value- and IT-based strategies. In this report, you’ll learn approaches to digital transformation, including:
- Digital optimization and digital transformation have different business values, and are driven as much by prioritization of strategic principles as a top-down statement of digital intent. Few companies are leaders in product innovation, but most digital innovators are focusing on creating competitive advantage through product leadership.
- The most transformational companies have taken a more holistic approach that includes investing in building out their technology foundation, innovating in both business and IT, focusing on personnel/ skills issues, and taking an outside-in approach to innovation.
- Transformational companies are visionary, focusing on growth and disruption, whereas optimizing companies are more focused on responding to market pressures such as declining business or compliance.
Key takeaways include evaluating innovation goals, assessing current and future technology investments and evaluating the business impact of disruptive threats of digital innovators and transformers.
Download the full Gartner report, "5 Strategic Approaches to Digital Optimization and Transformation in Insurance" to help guide your organization in evolving your digital strategy while staying ahead of growing fraud in online insurance.
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*Gartner: 5 Strategic Approaches to Digital Optimization and Transformation in Insurance, Kimberly Harris-Ferrante, Jason Malo, Juergen Weiss, 30 November 2018