The Accenture Digital Innovation Survey found that 59 percent of respondents described their digital investments and activities as “exploring new capabilities.” In this Insurance Chart of the Week, we’ll look at insurers’ priorities for digital strategies.

Data and analytics, customer retention and omni-channel interactions are priorities for insurers’ digital strategy

Digital Strategy priorities
Click the image above for a large version of the Insurance Chart of the Week (opens in a new window).

In general, insurers’ top priorities are focused on opportunities for value creation. Their top five pursuits are:

  • Data and analytics (69 percent)
  • Improving customer retention (66 percent)
  • Seamless omni-channel customer interactions (63 percent)
  • Developing mobile capabilities (61 percent)
  • Digitizing internal processes and operations (60 percent)

Interestingly, only 52 percent of insurers said that building customer-centricity and personalization capabilities was important to their digital strategy. The ability to offer personalized service depends, in large part, on having a single view of the customer across the enterprise—however, the survey also revealed that only 25 percent of insurers have this capability.

These results confirm our finding that while insurers perceive digital technologies as a catalyst for transforming the insurance value chain, many are still at the early stages of their digital journey.

Notably, only 47 percent of insurers have a digital strategy that covers the entire value chain, indicating a digital gap that divides Digital Followers and Digital Transformers. Join me next week as I look at the digital gap in more detail.

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