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IDC Financial Insights: Worldwide Insurance Digital Transformation Strategies

With customers expecting true value for the premiums they pay, above and beyond the traditional products and services delivered to them by their insurance organizations, customer experience is high on the agenda for most insurers and intermediaries. To continue to be relevant in a changing market place, insurance organizations across the globe need to deliver contextual and value-centric insurance that is rooted on the principles of proactive risk management and secure, transparent, seamless and contextual engagements across the customer journey. To achieve this, the industry needs to transform from a traditional, product-centric mindset to a customer-centric mindset enabled by digital technologies and the power of data and analytics. Insurance organizations need to play the role of true risk advisors than mere product sellers. Many insurance organizations are in the early stages of this transformation journey and need advice and guidance to understand the opportunities and possibilities with the new technologies and to build and deploy digital capabilities while tackling existing barriers to change.


Approach

The IDC Financial Insights: Worldwide Insurance Digital Transformation Strategies advisory service provides clients with insightful information and analysis of global insurance trends. It also provides coverage of how digital technologies like Big Data, analytics, cloud, mobility, IoT, blockchain, and cognitive technologies impact the life and annuity, accident and health, and 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:

  • Strategic digital priorities, programs, and the use cases for insurance industry
  • Digital transformation use-case horizons or road map definition
  • Industry investment trends in digital technologies and platform-based solutions
  • Assessment of digital transformation service providers in insurance
  • Delivery of usage and value oriented offerings leveraging open and connected ecosystems
  • The impact of the Internet of Things, cognitive computing, RPA, cloud, analytics, blockchain, 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:

  • Which digital technologies are insurers investing in to transform their businesses?
  • Which are the major technology firms supporting the insurance industry in their transformation journey?
  • How can insurers leverage analytics, Internet of Things, blockchain, and cognitive technologies to make better-informed decisions or manage their risks?
  • What are the business implications of changing customer preferences on various insurance business models?
  • What are the technology implications for insurers of shifts in market, competitive, and regulatory environments?

Who Should Subscribe

The IDC Financial Insights: 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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Meet the Experts
Sabitha Majukumar

Senior Research Analyst, Worldwide Insurance Strategies