Data Initiation Helps Define Digitization in Insurance
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My colleague Karen Monks and I have published a report on digital transformation in insurance recently. The main objective of this report was to identify differences in terms of digital transformation in insurance between different continents. However we have quickly noticed that the term "digitization" can generate confusion in insurance professionals' mind. Celent defines digital transformation as the strategy of transferring as many manual tasks as possible into digital activities. This strategy can be achieved through different ways, including:
- Process automation.
- Selling products online.
- Leveraging mobile devices and mobile technologies in general.
- Dematerialization of documents and communication materials.