Other parts of this series:
How to position your business for success in the post-digital era
The post-digital era is defined by more than the technology that drives insurance businesses forward. It is centered on an understanding of customer needs, which can then be translated into smart, sustainable business strategies. As discussed in the 2019 Tech Vision for Insurance report, insurance leaders can use the following insights as a starting point to shift their businesses into the post-digital era.
- Focus on the end goal. The post-digital environment unlocks a vast amount of demand and supply options. This means that insurers may be faced with more opportunities than are possible to pursue. The most successful insurers will be those that carefully define their niches in the market and the ecosystem partners they want to target, and then plot how to get there.
- Understand your place in the post-digital ecosystem. No company exists on its own. It operates within an ecosystem of partners where every party plays a clear role. To be post-digital means finding ways to define your business’s role in the ecosystem, and employing digital strategies in order to thrive. Insurance leaders will need to navigate their relationships with a multitude of third parties, as well as major tech innovators such as Google, Amazon and Alibaba. Seventy percent of insurance executives agreed that these innovators will be ecosystem partners that help to expand their distribution and reach.
Unlock the potential of SMAC for your business. SMAC refers to social, mobile, analytics, and cloud. The insurance companies that have a deep understanding and practical application of these digital tools across all aspects of their business will be well-positioned to catch the next wave of digital disruption: Distributed ledger technology, Artificial intelligence (AI), extended Reality, and Quantum computing (DARQ).
Make your wise pivot
Rotating towards a post-digital business is not about reaching a final destination, but rather making strong and continual progress. By underpinning your strategy with the twin initiatives of core transformation and innovation, you can rotate wisely and at your own pace to ‘the new’. Accenture has identified four key steps that catalyze the process of rotating to the new:
- Transform the core business, using new technologies, to release investment capacity.
- Drive incremental growth in the core business in order to create the stable foundation required for genuine agility.
- Define winning innovations in the context of your business, and scale those innovations that hold the potential to become future revenue streams.
- Invest capital over time in order to pivot wisely.
The post-digital era is an exciting time for insurance leaders, and one in which they can realize their business strategies in new and nuanced ways.