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Are you ready for the "Big Change"?

Digital business is the creation of new business designs combining the digital and physical worlds, capturing the "Business Moment".

Digital business is impacting an unprecedented convergence of people, business and things, that span multiple industries and multiple ecosystems creating new revenue opportunities.

Digital business is breaking down traditional barriers between industry segments, creating completely new value chains and new business opportunities.
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Elena Pistone
MKTG & Communication Manager



  • Hype Cycle for Digital Insurance, 2014
  • J. Weiss
  • 24 July 2014
  • Digitalization will radically transform the insurance industry, enabling new products, services and business models. This transformation will take many years to complete, forcing life and P&C insurance CIOs to start now and actively embrace new technologies and support business strategies.
Analysis
What You Need to Know
  • Gartner's 2014 CIO survey1 shows that digitalization is among the highest technology priorities for insurance CIOs in 2014. Digitalization, in an insurance industry context, means both optimizing and enhancing existing business transactions as well as shifting the fundamental insurer business model to support radically new products and services. Digitalization affects the entire value chain, including distribution channels, content and business transactions, without entirely replacing traditional practices (e.g., hard-copy documents and correspondence, face-to-face interactions and call center volume). The balance between careful enhancement and radical modification of the business will depend on geography, line of business, corporate strategy and customer preferences. Digitalization will have to integrate with many established and emerging strategies, including customer experience management (CEM), customer relationship management (CRM), e-business/e-commerce/Internet insurance, multichannel integration, mobility and paperless operating models. Digital insurance is the leverage of information and technology to enable new capabilities across the insurance value chain for optimizing, transforming and creating new insurance products, services and revenue sources.
  • Many insurance CIOs are under pressure to support their companies' digital transformation and develop a road map for technologies that can support digital enablement across the entire insurance value chain. We have found in our research, though, that most insurers' digital maturity is still low. Only 24% of insurance companies can be classified as "digital progressives" – that is, insurers with a formal and centrally coordinated digital strategy, as well as a high percentage of premium income attributed to digital products and services, and just 10% have designated a chief digital officer. And only 17% of the participants in a Gartner webinar conducted in January 20141 considered themselves to be digital leaders with a progressive digital strategy. Numerous workshops with insurance CIOs and other IT executives have shown that the digital maturity of insurers' IT departments has fallen behind that of their business departments. The average value for digital IT maturity among 48 workshop respondents was 7.7 (the maximum value was 15), which is 2.2 points less than the average digital business maturity value.

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