In today's digitally transformative climate, the role of CEOs in the insurance world is rapidly shifting from being reactive to proactive. In an industry that has been traditionally paper-intensive, as well as subject to strict regulatory measures, going digital is not a one-time activity. It is a journey to transformation. Similar to the banking sector, the industry frontrunners are increasingly realizing the importance of making sure their company's value proposition is aligned to the needs of the market.

Along the value chain, both basic and advanced insurance products are getting digitalized. From automated document capture solutions to natural language processing-powered claims processing, they are taking advantage of both macro and micro technology disruptions. But it is no walk in the park for the CEO of an insurance company to oversee the implementation of new technologies. Some of the challenges they may run into include:

• Ensuring legacy modernization for a fully connected ecosystem
• Enabling application interoperability for real-time data processing
• Meeting regulation and compliance standards in a timely manner
• Difficulty in moving value interactions to mobile devices
• Managing a growing network of partners, vendors and third parties

It is a 'disrupt or go extinct' situation for CEOs. Hence, they are under constant pressure to maintain a complete understanding of their company's inner-workings to overcome traditional and emerging barriers. They must act upon this knowledge to identify strengths, predict risks, and keep things moving daily so that the company thrives in the digital environment.