The Digital Transformation of Insurance - Changing Today to Survive Tomorrow
Novarica Research Council Fellow, Novarica
SVP & CIO, West Bend Mutual Insurance
The insurance industry is being pushed and pulled in many different directions. Insurance consumers lack the loyalty they once had, and they are demonstrating a growing reluctance to accept indifferent services and products. In an insurance market where differentiation is lacking, the digitization of insurance presents an opportunity for future-focused carriers. Digital capabilities represent an evolution in the business model of insurers regarding how they interact with customers and potential customers at the moment of truth. The emerging consumer expectations are that insurers and agents will be real-time, ever present, and always adapting. Historically the industry has been none of these. This panel session will highlight the good, the bad, and the ugly of digitization in the industry, including some lessons learned and some key takeaways on how IT leaders should prepare for the coming digital transformation.