Digital Transformation

DIGITAL TRANSFORMATION

  • Elizabeth Cahan
  • Published: 07 January 2020
Digital transformation is a common phrase within insurance that has many meanings – not all of them good. When looking at specific examples of digital transformation, we can pinpoint what it is (and what it is not) in a contemporary context. Understanding the context makes it easier to define an approach for achieving digital transformation, compared to building software that may improve operational efficiency, but fails to ‘move the needle’ on real transformation.

An excellent example of what we mean by work that may not promote digital transformation is core system replacement. While software vendors have solid core systems, and are spending more time focusing on some of the topics in this paper, their main priority is the system of record. For us, this is a critical aspect of enabling (and in some cases disabling) digital transformation but is not, of itself at this point, digital transformation.

The following are major digital transformation trends that are revolutionizing the property and casualty insurance industry.