Industry leaders urge insurance to embrace digital transformation

The insurance industry continues to lag behind in adopting digital technology and has been behind banks in allowing customers the ease of going about their business online.

“I think the financial services industry globally is in the Stone Age when it comes to digital,” says New Zealand born Mark Wilson, Group CEO of UK’s Aviva PLC when announcing the group’s half year results recently.

Wilson has urged the industry to get its act together when it comes to digitalising businesses and embracing technology.

Leveraging the power of digital is no longer simply about incorporating technologies into an organisation. It’s about reinventing the way insurance works — and the culture within it — to drive innovation and change, and the business into the future.

John Cusano, Senior Managing Director, Global Insurance Industry, Accenture has says: “Digital transformation is about insurers enabling their people to accomplish more with technology. This is important at every level, from analytics and artificial intelligence that helps operational staff do their jobs more efficiently, to the development of innovative business strategies that take advantage of new technologies and new opportunities to create value. Ultimately, it leads to a corporate culture where people thrive on change, where their skills are evolving for the digital age, and where they’re constantly seeking novel solutions that challenge the status quo.”

Disruptive digital strategies are still emerging, but the proactive insurers and intermediaries that make efforts to stay ahead of the curve and carve out niches in newly forming digital ecosystems will be those that define their own destiny.