Insurers around the world are facing obstacles in the race to stay competitive in the digital transformation (DX) era, including but not limited to: aging legacy systems, numerous manual processes, increased data protection and regulatory requirements, and more.
IDC Financial Insights goes beyond technology investments in its latest report, “IDC MaturityScape: Digital Transformation in Insurance” to identify the stages, dimensions, outcomes, and actions required for insurers to digitally transform their operations, organizations, products, and services.
“Insurers worldwide cannot afford to wait for the perfect strategy to kick start their transformation journey. The need of the hour is to build and deploy digital capabilities while also tackling the barriers,” says Sabitha Majukuma, senior research analyst for Worldwide Insurance Strategies at IDC.
According to the report, many insurers are investing in technologies that can help exceed customer experience expectations, create new revenue streams through agile business models, and maintain cost and efficiency.
But technology is only part of the DX journey. IDC has developed the IDC Digital Transformation MaturityScape to help the business and IT leaders of life and property & casualty (P&C) insurance companies understand and cope with the challenges and opportunities that DX can bring to their enterprises. The new report provides a framework for viewing stages of maturity across five key dimensions: leadership, omni-experience, worksource, operating model and information.