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Jun 2016 - IDC MaturityScape - Doc # EMEA41302416

IDC MaturityScape: Digital Transformation in Insurance 1.0

Authors: Sabitha Majukumar, Jerry Silva

Abstract

This IDC study describes IDC's Digital Transformation MaturityScape for life and P&C insurers. It identifies the stages, dimensions, outcomes, and actions required for businesses to digitally transform their operations, organizations, products, and services. It also serves as a guide for life and P&C insurance business and technology executives to identify areas in need of improvement in support of digital transformation in five key areas or disciplines: Leadership DX, Omni-Experience DX, WorkSource DX, Operating Model DX, and Information DX.

"Aging legacy systems, manual processes, data protection and regulation, culture issues, and talent shortage are all barriers to transformation for insurers," said Sabitha Majukumar, senior research analyst, IDC Financial Insights. "However, they cannot afford to wait for the perfect strategy to kick-start their transformation journey. The need of the hour is to build and deploy digital capabilities while also tackling the barriers. Digital transformation will clearly separate the insurers that will flourish over the next decade through innovation and strong commitment to DX at all levels in the organization from the ones that will perish from non-action."

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