Where is Digital Transformation Being Accomplished in Insurtech?

From: Digital Transformation in Insurance - Current State and Way Forward (Celent)

Q - "Our digital vision includes transformation in these areas to this extent . . . ." (1=No Change; 4=Complete Transformation). Source: Celent

Key Takeaway

Customer experience and client-facing functions see progress, but no single function is being completely transformed

A newly released report from our colleagues Mike Fitzgerald and Niall Williams at Celent, Digital Transformation in Insurance: Current State and Way Forward, draws on a survey of insurance executives to provide some “under the hood” data on strategic goals, approach, and progress of digital initiatives.  As shown above, most of the transformation effort is in functions with a higher impact on customers (distribution, claims, underwriting, marketing, and operations) – these are reported as having “significant change,” not incremental tweaks.  Nevertheless, there is not a single function that is undergoing “complete transformation” in a majority of carriers.

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