In nearly every industry, business leaders are searching for their organization's place in the digital landscape. A digital business is more than using social media or offering mobile applications. A digital business succeeds by staying ahead of the curve and reinventing itself to differentiate it from competitors.

The insurance industry is not exempt from this transformation, and it lags behind other industries. Agencies and carriers who fail to recognize the digital disruption will be left behind, as customers will turn to those companies that support their business priorities, and improve customer experience and operational efficiency.

Taking the steps to become a digital business will have its challenges. “The degree of pain will be dependent on how well companies create new strategies; embrace innovation; fund transformation initiatives; and create a business that will be flexible, adaptable and valuable in the new digital future,” says Denise Garth, partner at Stategy Meets Action (SMA).