While the majority of insurers believe in the importance of digitalization to serve customers, many express concern that they will be left behind because of shorter-term corporate policies, according to a new report.
Ernst & Young arrives at this conclusion in a survey conducted to ascertain digital technology adoption levels, strategies and execution on these strategies. The survey also probes the insurers’ plans for implementing digital solutions and the challenges they face.
They report reveals that almost 80 percent of the surveyed companies do not see themselves as “digital leaders.” They believe instead that they “only play the digital game” or are “still learning to use digital capabilities for a competitive advance.
Additionally, nearly half (47 percent) of respondents say they have no single cohesive digital strategy. More positively, 57 percent say that within three years, they intend to have a regularly updated digital business case that integrates detailed budgets and forecasts with financial and HR planning.