For P&C insurance, the pandemic brought digital strategies and investments into sharp focus and revealed, in real-time, which digital investments are delivering high value, and which are not. This year's unique business environment also exposed gaps and elevated capabilities that were once perceived as less important or significant.

SMA's latest market pulse research on the impact of COVID-19 has revealed that this pandemic reshaped and shifted digital investment priorities.

Three "must-have" investments have emerged as focus areas this year: Digital platforms, digital payments, and digital communications. Here's a closer look:

Digital platforms. It is essential to accelerate the digital enablement of sales and service capabilities for policyholders and agents/brokers with a modern platform and connections to core systems. These platforms enable new servicing, sales automation, and STP by leveraging the transformational technologies like AI, BOTS, IoT, and wearables.
Digital payments. There is a renewed urgency to transform inbound and outbound payments by moving away from physical paper checks and payments and creating digital experiences and virtual digital payment capabilities. Digital payments are crucial to delivering a highly tailored customer experience as well as improved operational performance.
Digital communications. Digital interaction and delivery for communications with prospects, agents, and policyholders are increasingly essential. This includes digital communication tools like chatbots, voice, and business texting, and the tools to capture, create, and manage forms, documents, correspondence, and messages to support interactions.

2021 may paint an entirely different picture. But for now, P&C insurer plans are full steam ahead with digital transformation investments.

Special Reports /

How the pandemic reshaped insurance digital investment priorities

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