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IDC Financial Insights: Worldwide Insurance Digital Transformation Strategies

The global insurance industry is facing significant disruptions because of change in expectations of customers and partners who are deeply influenced by digital natives, regulatory demands, and new type of competition. Many insurers and intermediary organizations are responding by embarking on a digital transformation journey. They are on a digital mission to deliver contextual and value-centric insurance that are rooted on the principles of proactive risk management and secure, seamless and contextual engagements across the customer journey. They understand that there is a need to undergo an evolution process that requires them to be entrepreneurial, innovative, and agile organizations that respond quicker to both opportunities and threats. This also includes making strategic digital investments in Big Data, analytics, cloud, mobility, Internet of Things, and cognitive technologies to redesign their engagement strategies. To stay relevant and remain competitive, the need of the hour is for insurance organizations to build and deploy new digital capabilities while also tackling the existing barriers for transformation.

Approach

The Worldwide Insurance Digital Transformation Strategies advisory service provides clients with insightful information and analysis of global insurance trends. It also provides coverage of the impact of emerging digital technologies like Big Data, analytics, cloud, mobility, IoT and cognitive technologies on the life and annuity, accident and health, and personal and commercial property and casualty insurance markets. The service offers timely, strategic, and actionable business IT and application advice to guide our clients as they undertake digital investment decisions, plan for future technology needs, and benchmark themselves against competitors. It provides ongoing research reports, analyst access, and admission to content-rich conferences and webcasts for the benefit of insurance organizations as well as technology vendors.

Topics Addressed

Throughout the year, this service will address the following topics:

  • Digital transformation, strategic digital priorities, programs and the use cases that will have significant impact on the industry and the wider ecosystem
  • Industry investment trends in digital technologies
  • Customer-centric omni-experience digital transformation benchmarking for different geographies
  • The impact of the Internet of Things, cognitive computing, RPA, cloud, analytics, block chain and smart contracts on the industry
  • Innovators in the space of cyber risk assessment and cognitive computing/artificial intelligence
Key Questions Answered

Our research addresses the following issues that are critical to your success:

  • How are insurers sourcing their business applications and digitally transforming their organizations, and which are the emerging technology firms supporting the insurance industry?
  • How are insurers using analytics, Internet of Things, and cognitive technologies to make better-informed decisions or manage their risks?
  • What are the business implications of changing demographics on various insurance business functions?
  • What are the technology implications for insurers of shifts in market, competitive, and regulatory environments?
  • What are the implications of the changing market and competitive dynamics of technology vendors and insurtech start-ups that support — or want to support — the insurance industry?
Who Should Subscribe

The Worldwide Insurance Digital Transformation Strategies advisory service provides C-level executives and divisional heads within insurers and diversified financial institutions as well as insurance technology vendors and consultants with strategic advice and timely data. Our continual interaction with our clients assists them in making better-informed decisions to improve competitiveness and operations.

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