For Insurers today, an effective digital strategy is critical for long-term success. Insurers need to innovate, both to stay ahead of legacy competitors and to pre-empt the erosion and disruption of established business models by ambitious and nimble digital start-ups.
In this paper, we focus on Digital Transformation in the Insurance Sector; and examine the legal and commercial challenges facing Insurers as they seek to optimise their operations and processes using new technology to empower a digital revolution within their organisation. The prize for effective implementation is clear:
- Greater visibility in the marketplace
- Smoother customer journeys
- Better customer retention
- Ability to cross-sell products and services as well as scalable and agile processes to increase profitability and shareholder value