Digital Transformation - Insurance Industry
Do You Trust Your Data?
The insurance industry will be investing $2.6b in digital transformation projects by 2021.The reasons why the insurance industry lags behind in projects:
• IT budgets have not grown (avg. 3.8% in 2020 – most legacy maintenance)
• Lacking vision re WHY need to change
• Not yet challenged by disruptor
• Roadmaps tactical and not strategic (process optimisation over business model transformation)
• Culture = inherent lack of appetite for risk