There is little consensus in the insurance industry on what exactly is included in “digital strategy.” Most insurers typically mean agent portals, customer portals, corporate sites and online marketing. Some also include digitizing and optimizing internal business processes. Executive SummaryCutting through the fog surrounding the term “digital strategy,” Novarica’s Mitch Wein ties the evolution of business processes and customer expectations for insurers to be “real-time, ever-present and always adapting.” He also offers six best practices to measure the readiness of your IT department to work through a digital transformation.
In the broadest sense, digital represents an evolution of the business and how it touches and interacts with customers and other stakeholders during moments of truth. New expectations are that insurers and their agents and brokers will be real-time, ever-present and always adapting. Insurers have historically been none of the above. Failing to address this expectation head-on has the potential to leave organizations increasingly irrelevant.