Many insurers, both P&C and life carriers, believe there is a strong link between digital initiatives and growth. And they are backing up that belief by investing in digital initiatives—those considered to be Digital Transformers plan to invest an average of $56 million over the next three years.

As well as investing in digital initiatives to achieve growth, rather than just efficiency, what defines Digital Transformers is that they have a digital strategy that covers the entire insurance value chain. They also have or are working on a single view of the customer and they are using digital technologies to provide personalized products and services, delighting customers and differentiating themselves from competitors.

Digital initiatives are expected to generate additional revenue income (Image 2a) Digital initiatives are expected to generate additional revenue income (Image 2b)

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