Accenture’s 2014 Digital Innovation Survey clearly indicates that while insurers see digital technologies as the catalyst for transforming the insurance value chain over the long term, the reality is that many are still at the early stages of the journey.

Most insurers seem to have adopted a hybrid strategy in which digital initiatives are running in parallel with traditional business models. In many cases, digital technologies are being used to enable traditional channels rather than to develop potentially disruptive innovations. More than half of respondents (59 percent) describe their digital investments and activities as “exploring new capabilities.” However, they do have clear priorities when it comes to their digital strategies, including making better use of data and analytics, and improving customer retention by providing seamless, multi-channel, multi-device interaction.

The majority of insurers are Digital Followers, concentrating on incremental rather than transformative change (Image)

Download the Digital Innovation Survey report or interact with the survey data.

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