In this blog about the digital transformation journey insurers face, I’d like to share three secrets of success we at Accenture have learned in helping clients adopt digital strategies.

I’ve tried to cover the reasons why it’s necessary to become a Digital Insurer and how to get there. Here, now, are some lessons from the coalface, learned by Accenture teams over the years:

  • Life Insurance The Digital Insurer: Change now to get aheadDigital is not a distribution channel, it’s a whole new way of operating. Don’t be misled into thinking a new front end is what is called for. In the digital world, new types of products and new ways of delivery are the name of the game. Review your operation from the foundations up and change whatever is preventing you from creating a platform for the future.
  • The road to hell is paved with good intentions—and then there’s the bad side. The moment the company accepts it needs to transform itself, the project is at risk. Efforts to re-use existing in-house capabilities or digital investments—always well-intentioned but sometimes ill-advised—and active opposition from conservative elements may both jeopardize progress. Maintain focus and plan for early successes.
  • The economics of building afresh have changed fundamentally. Advances in digital technologies mean they offer not just the opportunity but also the means to realize it! Cloud computing and all its associated “as a service” components make it easy for an insurer to take new digital ideas to market quickly and without massive upfront investment.

First movers will have an advantage over slower-moving competitors. To learn more about how to take the lead, read P&C Insurance – The Digital Insurer: Change Now to Get Ahead and Life Insurance – The Digital Insurer: Change Now to Get Ahead (PDFs; opens in a new window).

I repeat: this is a journey, with all the effort and need for endurance that implies. But it is an exciting one, and one insurers simply have to make. I hope these pointers will help increase your chances of success, and I am always available to provide more help.

I repeat: this is a journey, with all the effort and need for endurance that implies. But it is an exciting one, and one insurers simply have to make. I hope these pointers will help increase your chances of success, and I am always available to provide more help.

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