Accenture research identified two groups of insurers: Digital Transformers, which have leveraged digital technologies for innovation and transformation, and Digital Followers, which have used digital for incremental change. In this Insurance Chart of the Week, we’ll look at the profile of a Digital Transformer.
Mind the gap: The differences between Digital Transformers and Digital Followers
The Accenture Digital Innovation Survey identified several metrics that demonstrate the gap between Digital Transformers and Digital Followers:
- Nearly three-quarters (73 percent) of Digital Transformers have a digital strategy that covers the entire insurance value chain, compared with 42 percent of Digital Followers.
- When it comes to having or working to achieve a single view of the customer, Digital Transformers outpace the Digital Followers (82 percent and 56 percent, respectively).
- Sixty-two percent of Digital Transformers have bought or plan to buy innovative companies or start-ups to acquire new digital capabilities, which can help them achieve a more favorable position in a digital world; only 39 percent of Digital Followers have done so.
- More than half (54 percent) of Digital Transformers believe that establishing new partnerships is key to differentiation, compared to only 31 percent of Digital Followers.
- Again, more than half (54 percent) of Digital Transformers believe in using digital technologies to provide personalized products and services, compared to only 36 percent of Digital Followers.
- Finally, 34 percent of Digital Transformers are likely to engage with their target audience on social media, compared to 12 percent of Digital Followers.
The overwhelming message of the Digital Innovation Survey is that insurers see the need to adopt digital technologies; the key is the ability to balance priorities and find the best way to achieve them. For more information on the survey’s other findings, as well as four guiding principles for implementing digital strategy, register to download The Digital Insurer: Accenture Digital Innovation Survey (pdf).
- Read Digital innovation, part 1: Expanding the value chain | Insurance Chart of the Week.
- Read Digital innovation, part 2: Digital strategy | Insurance Chart of the Week.
- View other Insurance Chart of the Week videos.
- Email me to discuss how Accenture can help insurers achieve digital transformation that meets their goals.