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How insurance companies can measure digital transformation success

Digitization can't occur in a vacuum. Its success hinges on an insurer's ability to harness an innovative mindset at every level of the organization.

By Tal Daskal | November 24, 2020 at 05:30 AM
To keep customers — and the revenue they generate — insurers must meticulously track the quality of customers' digital engagements. (Photo: Nico El Niño/Shutterstock) To keep customers — and the revenue they generate — insurers must meticulously track the quality of customers’ digital engagements. (Photo: Nico El Niño/Shutterstock)

The COVID-19 pandemic has transformed the insurance industry from a technological laggard to a trailblazer practically overnight. Amid the shift to remote work and the pressing need to unlock new efficiencies and revenue streams in an unpredictable economic climate, the industry’s digital adoption surged 20% over the past year, according to Bain & Company research.

Longstanding skepticism toward newfangled technology has given way to a deep appreciation for how digitization can streamline workflows, enable data-driven business decisions, and significantly improve the customer experience.

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