Defining Digital Transformation: Insurance Sector
What do we mean by digital transformation, and why is it essential to speak about it now? More importantly, how is digital transformation affecting insurance sector? Technology spending among insurance companies saw a significant increase in 2016 and it is expected to grow further.
There are many definitions of digital transformation, but it simply describes a course of applying digital technology to existing processes. Therefore, digital transformation in insurance is the realignment of technology or investment in new technologies or business models that help to engage tech-savvy customers in a successful way.
Digital transformation in insurance is bringing many challenges and opportunities. Our conference will take a strategic not technical approach to digital disruption and will create a road map to digital transformation. You will learn about better customer engagement and experience, traditional and non-traditional competition, and how to lower your operating costs.
In order to be successful, insurance companies need to constantly work on CRM and customer engagement/ experience. Digital transformation strategy can help to meet modern customer expectations, but it is important to bear in mind to keep client’s journey as seamless as possible.
There is already enormous competition in insurance sector, and when non-traditional competitors (the ones that were more tech focused, but started offering insurance as well) joined the game it became even competitive. Therefore, insurance companies need to put a lot of emphasis on constant innovation and implement technology to their existing processes.
Digital transformation will also help to reduce operating costs, and even though it might seem as a large investment at first, it will pay off by cutting down some of manual labour costs, reducing human errors and enhancing consumer experience. If you would like to get ahead of competition, join our Digital Transformation in Insurance 2017 conference and learn from industry leaders.