24 Sep Why will so many insurers fail to achieve their digital potential?
Insurers are embracing digital disruption as a catalyst for change. It’s a shame so many will likely struggle to achieve the advantages they’re hoping for. A recent Accenture survey of insurance executives confirms that digital is taking the industry by storm. More than 80 percent of insurance leaders believe digital disruption will transform not only how they interact with their customers, but also how they manage their traditional processes and operations.
And they are quite bullish about what their digital investments will yield. P&C insurers expect premium income to grow by 5 percent on average as a result of digital initiatives. Life insurers anticipate a 7 percent boost. More than 80 percent of insurance leaders believe digital disruption will transform how they interact with their customers.
Unfortunately, many insurers will struggle to achieve the advantages they seek. They are focusing on technology as a catalyst for change and not paying equal attention to the talent that will be needed to bring their visions to life.
To thrive in the years ahead, insurers need to protect their core business, while expanding into new areas, with workforces that are lean, agile and willing to embrace change. Science, technology, engineering, and mathematics (STEM) skills will be critical to realizing the potential of digitized processes, big data, algorithms and real-time analytics. Creativity and flexibility
will be needed to navigate fast-changing policy frameworks and regulations. And softer skills— from problem-solving to communications—will be needed to boost sales, enable collaboration and deliver personalized customer experiences.
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