FRAMINGHAM, Mass.--(BUSINESS WIRE)--Life and property and casualty (P&C) insurers have recognized the need for digitally transforming their businesses, motivating them to confront the challenges of aging legacy systems, manual processes, increased data protection and regulatory requirements, culture issues, lack of innovation mindset, and talent shortage. This is mainly driven by the massive impact of digital technologies that are disrupting the insurance industry and challenging the way traditional insurers sell products, engage with their customers and other stakeholders, and handle competition. For business and IT leaders in insurance looking to design and deliver best-in-class experiences to customers, distributors, partners and other stakeholders in the ecosystem, IDC Financial Insights has developed IDC MaturityScape: Omni-Experience Digital Transformation in Insurance (IDC #EMEA41669116).
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Sabitha Majukumar, senior research analyst, IDC Financial Insights, said, "Life and P&C insurers that are able to deliver an optimized and personalized omni-experience as part of their DX journey should be able to continually attract and grow loyalty with their stakeholders across the entire ecosystem and positively impact their business performance as a result. Those that do not will struggle in the fast-changing digital world in the coming years."
The IDC MaturityScape for omni-experience DX in insurance enables insurers worldwide to:
- Assess their capabilities and stage of maturity in omni-experience DX
- Enable a dialog among business, digital, and technology executives about goals and actions relative to DX initiatives, focusing on delivering an optimal omni-experience across the insurance ecosystem
- Identify areas of omni-experience DX capability that require strengthening
- Establish standards for pursuing omni-experience DX initiatives
The dimensions of the IDC MaturityScape for omni-experience DX in insurance – ecosystem experience, continuous innovation orientation, platform service delivery, and omni-dimensional marketing – represent some of the key capabilities and actions that insurers need to integrate to grow loyalty and improve business performance. By creating interactive experiences between digitally-enabled businesses, an insurance company's customers, distributors, partners, employees, and things will communicate more effectively with each other and with the business products and services that are increasingly created to meet unique and individualized demand.
This new report should be viewed in the context of a family of documents linked to the other dimensions that make up the broader digital transformation framework, including IDC MaturityScape: Omni-Experience Digital Transformation (IDC #255754) and IDC MaturityScape: Digital Transformation in Insurance (IDC #EMEA41302416). These documents provide a framework for viewing stages of maturity in five key dimensions: Leadership DX, Omni-Experience DX, WorkSource DX, Operating Model DX, and Information DX.
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About IDC Financial Insights
IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a wholly-owned subsidiary of IDG, the world's leading technology, media, data, and marketing services company. For more information, please visit www.idc-fi.com, email firstname.lastname@example.org, or call 508-620-5533. Visit the IDC Financial Insights Community at http://idc-insights-community.com/financial.