The (Very Near) Future of Insurance : The Digital Transformation Imperative

The (Very Near) Future of Insurance: The Digital Transformation Imperative
The insurance industry is facing its very own Kodak moment.
Forty years after the once heart-warming 1970s ad slogan became part of popular culture, it now reminds one more of the company’s spectacular failure to act in the face of massive industry-wide disruption than it does to capturing special moments. One of the world’s most dominant market leaders was virtually wiped out because it simply could not adapt to a changing consumer and business environment.
Insurance providers across the world are facing increasing pressure of costs, the ability to grow revenues and their contact with customers. Generally, they aren’t responding fast enough to digital transformation or changing customer behaviours, and run the risk of their own Kodak Moment. And it’s not a matter of efficiency, cost reduction, or customer satisfaction only: this is a matter of survival.

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