TECH SUPPLIER Jul 2020 - Taxonomy - Doc # US44961820

IDC's Worldwide Digital Transformation Use Case Taxonomy, 2020: Insurance

By: Sabitha Majukumar, Robert ParkerSenior Vice President, Enterprise Applications, Data Intelligence, Services, and Industry Research, Shawn FitzgeraldResearch Director, Digital Transformation Strategies

Abstract

This IDC Taxonomy discusses how the insurance industry's digital mission of contextual and value-centric insurance is driven by the change in customers' and partners' expectations, technology innovations, regulatory demands, and sociopolitical and economic disruptions. The taxonomy defines four strategic priorities to accomplish the digital mission, namely omni-experience engagement, usage and value-oriented offerings, frictionless insurance, and building cognitive competencies. It also defines separate programs or initiatives that support each strategic priority. Under each program are a set of use cases that are discretely funded efforts supporting a program objective.

"Recent global events have shown that years of slow DX progress is adversely impacting many insurers as they respond to customer needs in crisis situations," said Sabitha Majukumar, research manager, IDC Financial Insights. "Insurers must strive hard to break the deadlock and accelerate their DX efforts with an enterprisewide strategy underpinned by clear strategic priorities, programs, and use cases. This will equip them with the right platform, technology, and skills to not just address changing customer and market behavior induced by digital advancements, but also tackle extraordinary calamities like global pandemics."


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