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Whitepaper

The State of Digital Insurance

 

With the onset of 2020’s COVID-19 pandemic, the mass migration to digital services came to define customer preferences—and insurance was no exception. 

Today, ‘hyperadoption’ of new consumer behaviors means digital touchpoints have become highly relevant for insurance sales, but it hasn’t stopped there. Now, digital technologies are redefining the industry, causing seismic shifts around insurance competitors, products, and operations.

Designing and executing digital strategy presents insurers with a time-sensitive challenge. The experience of COVID-19 has boosted digital implementation up executive priority lists, although many in the industry are not content with their leaders’ efforts. Barriers to transformation are also present in issues of security, data, and customer experience design—problems that are unlikely to get resolved until insurers seek out resources for effective digital transformation.

It’s no secret that many insurers are taking the digital precedent seriously, with 50% of firms in the process of expanding their digital strategies and 11% stating that they’re already undergoing transformation. Nonetheless, as new disruptors target established insurance and reinsurance companies, it’s clear that industry players will need sharper, more ambitious visions for the next stage of their digital efforts. 

In Forrester’s report on The State of Digital Insurance, an exploration of insurance’s emergent digital ecosystem provides a clear picture of a radically changed industry. Charting responses from digital teams and identifying new players, it emphasizes the need for today’s firms to embrace holistic digital business.

Download the free Forrester report for key insights on:

  • How COVID-19 has intensified the need for, and altered the drivers of, digital transformation in insurance
  • The disruptors to watch for, from digital-native players to tech-powered startups
  • How insurers are moving away from one-off digital initiatives and towards an end-to-end digital customer lifecycle
  • Why becoming a digital business is critical—and how to choose the right transformation partner
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