Insurance Industry Hits Hyper-Acceleration for Digital Business Models. Leaders Emerge from Crisis Primed to Take on the Future of Insurance.
The disruption of 2020 creates significant opportunities for those in the insurance industry to accelerate their digital transformation. As COVID hit, insurance strategies, priorities and plans took on a new view, a new focus and, most importantly, a new urgency. Digital engagement for customers, employees and channels was no longer on the long list of planned initiatives – it emerged as a top priority.
Companies with resilient, future-ready digital business models were better positioned to ride the trends and crisis, increasing their competitive advantage, and establishing them as a next-gen leader. Research shows a dramatically widening gap between Leaders and Laggards – 64%, a year-over-year increase of 20% – when looking at their focus on key strategic initiatives in the past year. Followers were “treading water” to keep even with the previous year – with a 12% gap to Leaders. Even more striking is the widening gaps between Leaders and the others in their outlooks for their companies over the next three years of 102% and 28% for Laggards and Followers respectively, reflecting a 40% and nearly 10% gap growth for each.
Insurers must assess where they stand and how they will respond, because “business as usual” is no longer a strategy in this time of dramatic change and pressure. There’s a unique opportunity for those willing to embrace disruption, to re-envision the future of insurance and redefine strategies and priorities for 2021 and beyond.
Read this report to better understand:
- The current state of the business, from market segment outlooks to strategic activities and growth
- How to navigate internal/external challenges and plan and prioritize for the future
- The importance of digital transformation acceleration and how to tackle it