This IDC study discusses how the insurance industry's digital mission is driven by the challenges posed to existing business models by the change in expectations of customers and partners, technology innovations, regulatory demands, and sociopolitical and economic disruptions. The advent of semi-autonomous or autonomous vehicles, connected vehicles and homes, sharing and on-demand economies, and peer-to-peer insurance models are adding a new dimension to the competitive landscape.
"Despite numerous challenges, insurance organizations are embarking on a transformation journey to cater to the requirements of an ever-evolving marketplace. This begins with a definition of the mission of contextual and value-centric insurance, strategic priorities that support the mission, programs that help meet priorities, and use cases that help realize the overall goals and objectives of the organization," said Sabitha Majukumar, senior research analyst, IDC Financial Insights.
Digital Transformation, Financial resource management, Governance, risk and compliance infrastructure, Internet of things, Networking and connectivity devices, Order management, Value added content, Vendor-partner relationship, eCommerce