Many insurance company executives are deeply involved in digitization. They are automating previously manual processes, converting transactions from a paper to an electronic basis, and employing collaborative technologies that link colleagues with each other and with third parties as needed.
That’s great – but it’s not enough. Too many companies stop there, and don’t reap the full benefits of the next phase of digital transformation, digitalization. Accenture defines digitalization as the use of digital information to optimize business outcomes and create new revenue. This information is coming in torrents – from online interactions, GPS devices, mobile applications, call center inquiries, social media and elsewhere. It comes in structured formats – from internal, company-organized sources – and unstructured formats, from outside sources and third parties.
Collecting, organizing, and accessing this data – and using it to make informed decisions about everything from product development to client billing processes – is at the heart of digitalization. We believe insurers that digitalize successfully will emerge as industry leaders. To digitalize rather than just digitize, insurers need the right solutions and tools, but they also need a mindset that sees technology as a core business discipline.