How to win at digital transformation

The ongoing digitisation of the small- and medium-sized enterprise (SME) market has only accelerated post COVID-19, opening new opportunities and challenges to established carriers. 

P&C insurers are likely entering a historic era of increased M&A activity aiming to drive growth at a double-digit pace, pivot into new business models and remain competitive.

To thrive during a period of unprecedented volatility, insurers will need to leverage artificial intelligence to make faster and better business decisions – and do so at scale. 

The advent of voice assistants built on natural language processing, artificial intelligence and telematics will unleash an assortment of voice-activated features and functionality that will make driving more enjoyable, efficient and effective. 

COVID-19 has changed the world – and many companies are gaining benefits by rethinking their analytics models and data management processes to keep pace with the new realities of business, our latest research reveals. 

For manufacturers seeking to thrive in an Industry 4.0 world, digitally enabling the workforce may be an excellent first step, facilitating better collaboration, innovative products, a better customer experience and a more robust supply chain.

To optimise enterprise knowledge, organizations need a modern platform that enables data to be more easily shared, interpreted and capitalized on by internal decision makers and by business partners across the extended value chain.

As life expectancies grow, banks and insurers need to deliver products and services that provide people with financial security throughout their extended sunset years.

Although manufacturers were hard hit by COVID-19, they can look to the digital leaders in the industry to understand which technology investments will propel them forward.

Legacy modernization initiatives struggle to maintain business alignment when business and IT leaders treat it as merely a technology refresh exercise – even as COVID-19 accelerates such modernization demands.

The COVID-19 crisis has made experience-centricity and IT agility paramount to nearly every business. 

The collective attitudes of Gen Y and Gen Z toward connectivity, content and commerce over the past several years have significantly altered how brands attract and retain this demographic.

Software makes the world go ‘round, from hyperefficient business operations to users wowed by the newest app interface and digital products. 

To get ahead in the industrial space amid the prolonged pandemic, manufacturers must embrace holistic agility and resilience, and democratize access to applications and data.

With some up-front thinking, tight alignment with business objectives, strong data hygiene and careful project governance, content organizations can move AI from the sideline to the business core and deliver on the lofty expectations set for this still-maturing technology

The needs of pet owners present a high-growth opportunity for insurers to create new products and cross-sell existing services. Here’s how insurers can embrace new strategies and align their products, distribution, underwriting, claims and operations to tap into this market.