The early results from the digital transformation are coming in, and they are impressive. We examined data from interviews with over 50 insurance professionals concerning their experience with digital insurance initiatives. Our study shows that leading insurers are realizing a two-thirds reduction in product development costs by implementing these technologies and techniques. We also detail other qualitative benefits.
The launch time for new insurance propositions is measured in months, not years. Given the scale of the cost and time benefits, insurers and service providers must adapt to remain relevant. It is important to understand that the changes necessary to innovate are not purely IT challenges. The changes outlined here are tectonic shifts that will affect all areas of the company, with a particular impact on operations.
There is a prize to be had, but it cannot be gained through piecemeal efforts. The report includes our analysis on the impact of the new recipe and offers practical next steps toward adoption.
The report, The New Recipe That Is Changing Insurance, is available to Celent subscribers now. As always we are available for your questions and comments. Schedule your analyst access call now.
Tom, another excellent report with lots of good, practical and actionable recommendations. I particularly like the points made how each of the recommendations are interwoven to produce the fantastic results from your survey.
Technologies and approaches are changing and you definitely have your finger on the pulse.