It's no secret that the pace of change is accelerating exponentially in the insurance industry. It's also no secret that the digital journey is overloaded with danger and risk.
The industry has little consensus on what defines a "digital strategy." Most insurers typically mean agent portals, customer portals, corporate sites and online marketing. In the broadest sense, however, digital represents the evolution of business and how it interacts with customers and stakeholders.
"While no insurer needs a strategy to 'be more digital' for its own sake, nearly every insurer needs a strategy to write more profitable business, more efficiently, and digital channels and capabilities are a key part of delivering on that strategy," Novarica's Mitch Wein, principal in the insurance practice, and Steven Kaye, research and knowledge systems manager, write in "Preparing for Digital Transformation."
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