Across industries, digital transformation is evolving the customer experience and redefining how companies do business. But while the path to digital opens new avenues to customer engagement and a better bottom line, it also introduces adaptive challenges for enterprises that must evolve their outdated operating models.
Some industries — such as retail and entertainment — tend to have internal infrastructures that support a rapid shift to digital. Other sectors find the transformation more challenging due to industry-specific hurdles involving tech readiness and internal cultural preparedness. The insurance industry falls into this latter category.
But for insurance enterprises, digital transformation has reached a hinge moment. Today, it's no longer a question of whether insurers will pursue a digital strategy; it's a matter of what that strategy will look like. Without prioritizing digital innovation, insurers risk losing the competitive edge in a market increasingly driven by customers' expectations of a highly engaged, customizable and personalized experience. But to meet these expectations, insurers must confront industry-specific challenge with a strategic approach.
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