With digital tools and solutions now more ubiquitous, one might expect firms to be making more transformational progress. However, data from our cross-industry study in July that gauged digital transformation progress and success, found no testament to measurable advancement since our 2012 report. In fact, this year's report shows organizations still struggling to turn their digital investments into commercial success―with the insurance industry particularly lagging.

For the insurance sector, technology has enabled new business models, such as on-demand and usage-based products, to appeal to customers' desire for convenience, flexibility, and greater personalization. However, as a result, consumer expectations have spiked and are now putting even more pressure on insurers' digital prowess.