Transformation Tipping Points: Uncovering how digital transformation drives growth in Insurance and Financial Services

The Insurance industry has embraced technology over the years, and harnessing the power of technology today and in the future, will continue to provide so many more opportunities. Technology has been a major force in evolving customer expectations and experience, and providers need to proactively develop their digital capability to ensure they keep pace.

There are many challenges facing firms when deciding how to prioritise their investment, be they a long-standing multi-product insurance provider, or a single product company; a large or small broker, or one of the many new Insurtech market entrants. There is a fine line for many providers to tread in dealing with legacy vs investment in new areas, or new areas vs scaling the operation.

At Mason Advisory we draw on our experience across Insurance and the wider Financial Services marketplace, to discuss how the digital ecosystem can enable growth.

In the first of a series of three insight articles on what digital transformation means for Insurance firms, Managing Consultant and industry expert Mike Kingston, gives us an overview of the challenges and talking points within the industry.

Insight 1 of 3: How Digital enables growth in Insurance and the considerations required

Despite the challenges in the wider economy over the last year, there remain great opportunities for growth within the Insurance industry underpinned by digital transformation. We consider what that means for insurance providers and how they may adapt. We investigate:

• what are the challenges organisations are facing into today
• trends we are seeing in Insurance and why digital can help / we require a digital mindset
• what do we actually mean by digital?
• how do key roles in the organisation adapt to a digital world

To read the full article – click here or click the image below to download a PDF version.

Insight 2 of 3: How Digital enables growth in Insurance and the considerations required – Technology

In the second of a series of insights on digital transformation in the insurance industry, we build on the challenges and opportunities defined previously, and start to focus on what this means from a technology perspective. We consider:

What are the technology related foundations you need in place for digital transformation, and how should you approach them:

• keeping you safe online
• maximising modern technology
• intelligent data insights and moving to data led
• flexible infrastructure
• modern ways of working
• efficient and effective basics.

To read the full article – click here or click the image below to download a PDF version.

Insight 3 of 3: How Digital enables growth in Insurance and the considerations required – Customer experience and digital

In the final part of the series of insights on digital transformation in the insurance industry we look at the role technology plays in driving customer experience and what it means for providers:

• digital changes the game and how this translates for insurance
• what are the technology considerations?
• how are you going to respond?
• our approach to digital transformations.

To read the full article – click  here or click the image below to download a PDF version.

If you would like to speak to Mike Kingston regarding any of the insight articles, email our Financial Services & Insurance team to discuss further or to find out about our services click here.