Digital transformation – an opportunity for the insurance industry

Digital transformation – an opportunity for the insurance industry

The insurance industry has faced a number of changes that have disrupted the traditional business model. One such change that has had a seismic effect on how insurance companies operate in recent years and well into the future is ‘digital services’. We still see that insurance companies are slow to fully adopt digital services compared to other industries (travel, transport, and banking). Yet for insurance companies to survive they must adapt quickly and embrace the digital revolution.

Introduction – the era of disruption

History has shown that once dominant industries and companies can be extinguished by changing customer demands as well as the emergence of new disruptive technology – think Kodak v’s digital photography – a once dominant company wiped out through a lack of strategic agility and embracing of new technology. Kodak may well be an extreme example, but increasingly customers are looking for digital ways of interaction within all facets of their life (whether that be digital banking, digital ways of working, digital shopping, and digital dating). The world has become more digital in every day life than ever before and this consumer-led approach has disrupted most corporate business models and the insurance sector is no exception.

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