Over the last several years, businesses across all industries have been busy implementing digital strategies and fundamentally changing how they operate and deliver value to customers. Yet, digital transformation is relatively new to insurance. With many carriers experimenting with technology to improve processes and generate new revenue streams, it is important to define what digital transformation truly means.Executive SummaryWhat does “digital transformation” really mean? As the insurance industry looks toward digitalization, it is important to understand the myths surrounding digital transformation and how the industry should shape its perspective on a business-first approach. Greg Murphy, Executive Vice President, North America at INSTANDA, explores a unique way of approaching technology adoption in insurance.
The Myth of Digital Transformation
Many traditional insurers have begun the process of “digital transformation” by implementing legacy processes with recent technology. While this “new” technology may offer added functionality, the processes are often rooted in legacy thinking. No longer can we say we are “digitally transformative” if all we do is scan in forms or slap on a digital signature. In this process, insurance products are created and then expectantly pushed to the customer, with fingers crossed. There is little transformation here.
With that in mind, what does real transformation look like?