While insurers see the need to adopt digital technologies as part of their business models, many are uncertain how to actually achieve it. Further, many do not know where they should focus their goals and resources, according to Accenture's Digital Innovation Survey.
Implementing long-term digitalization strategies helps an insurer stay ahead of its competitiors in an ever-evolving market. It also involves transforming the value chain, developing new partnerships, creating a customer-centric business model, and leveraging data capabilities for personalized experiences.
This is easier said than done. Insurers are aware of the importance of implementing an integrated, enterprise-wide plan of action, but many underestimate the potential bottom-line impact of digital transformation, Accenture says.
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