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4 keys to redefining your digital business approach

Technology plays a fundamental role in how businesses improve to gain a competitive advantage. Here's what that means in 2015.

By Mike Sarantopoulos | Updated on June 03, 2015
(Photo: Shutterstock)

Technology plays a fundamental role in how businesses improve to gain a competitive advantage. Corporations, particularly insurance carriers, face more technological innovation and choice than at any time in history, leading to rapid digitalization of traditional, legacy business and giving rise to new “digital business” models that are reshaping the competitive landscape. How well insurers manage and sequence their individual migrations and overall enterprise transformation to digital business will determine their success or failure in the new digital world.

According to a recent study by Gartner, Inc., “by the end of 2016, insurers leading in digitalization will financially outperform slower digital adopters by 100%.” While insurance executives have always had to address rapidly changing market conditions, economic fluctuations, new technology and ongoing regulatory demands, they must now contend with the growing competitive threat of digital business. While many understand the importance of this threat and the need to transform, they are all asking the same question, “What precisely is the scope of digital business for my company, and what do I need to do now to position my company to grow and thrive in the future?”

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