The pace of change and both the operational and strategic need for digital transformation is accelerating across all areas of insurance. The pace is gathering speed and dominating C-level discussions and planning for today and next year. Future market leadership and success will be defined by a new digital foundation and business model that embraces customer, technology and market boundary changes with vision, energy and speed. Leaders are separating from the pack. In our Strategic Priorities report, we found that forward-thinking leaders are digitally transforming their business creating a gap between them and others by over 60% in the next three years!
Unfortunately insurance still embraces decades of legacy business assumptions and technologies that are roadblocks on the path to digital maturity and growth. KPMG’s research, compiled from various studies, found that that digitally mature organizations out-perform less mature organizations. How? Digitally mature organizations had 25% higher revenue growth and 31% higher EBIDTA over the last 3 years, 11% higher net promoter score and higher speed to market by 17 months! Digitally mature organizations not only operate more effectively, they are obsessed with their customers and with defining, unlocking and preserving value for both the customer and their business.
Digital platforms are the new strategic investment for advancing today and positioning for the future. Are you ready to accelerate your insurance digital transformation? Join us to hear how Majesco and KPMG are helping insurers on their digital transformation journey – enabling delivery of insights and outcomes, interactions and experience across the insurance enterprise through rapid Integration models and low code technology!
Denise Garth, Chief Strategy Officer at Majesco
Jeanne Johnson, Principal at KPMG