Insurers recognize the importance of digital technologies, and as a result have high ambitions in this area, but those ambitions may not be grounded in reality as insurers report having low levels of digital maturity and struggle to overcome self-imposed obstacles, says a recent survey.
In its survey, "Insurance in a Digital World: The Time Is Now," Ernst & Young says, "Insurers are currently lagging behind the digital curve, and conditions for future success are not yet in place. As a result, many may struggle to deliver on customer expectations; new entrants and digitally leading competitors will look to exploit this failing."
Making the case for the importance of digital technologies, E&Y points out that, today, "There are almost as many mobile subscriptions as there are people—6.8 billion compared with the global population of 7.1 billion." E&Y adds that one out of five searches for financial services comes via mobile, and, according to Google research, 65 percent of purchase journeys start on a smartphone before moving on to a PC or tablet.
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