While insurers see the need to adopt digital technologies into their business model, many are uncertain as to how to do it, and further, where they should be focusing their goals and resources.
According to Accenture's Digital Innovation Survey, there is an essential need to strike a balance: to deliver profitable growth in the short term and to make the necessary investments for long-term transformation.
This sounds simple, but don't underestimate the challenge of executing such strategies. While most insurers expect their value chains to be transformed within the next five years, 59% describe their current digital investments and activities as exploratory. Further, only 47% have a strategy for digital transformation that covers the entire value chain.
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