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Mar 2017 - IDC Perspective - Doc # AP42328517

Insurance Barometer — Strategic Priorities and Investment Patterns in Digital Spending

Author: Arpita Mitra Senior Research Manager
Abstract

The IDC Perspective helps Indian insurance businesses understand how the industry is adopting best practices in digital transformation initiatives, what processes are impacted, and what decisions should they embark on in the next few years. Digital transformation is not only about streamlining or optimizing the way we do business, if used tactically, one can establish a robust platform that is flexible, agile, and can meet the changing demands of an insurance market. The study addresses three primary areas:

  • Which business processes are impacted the most by the digital initiatives?
  • Which digital technologies are widely accepted by the industry?
  • What are the major considerations for mass adoption of digital technologies in the future?

"Despite being a laggard in adopting digital technologies, the Indian insurance industry has picked up its pace in adopting digital technologies — 40% of the survey respondents have agreed to allocate more than 15% of their overall IT budget to digital transformation initiatives. The deployment of technologies will continue to drive improvements in users' experience with their insurance carriers, better coordination with distribution partners, and streamlining of business operations. In the next three to five years, we expect to see more instances of using innovative technologies such as machine-based learning, IoT, and robotics making headway into the mainstream wave technologies," says Arpita Mitra, senior research manager, IDC Financial Insights.

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