{"id":3422,"date":"2021-08-20T17:34:54","date_gmt":"2021-08-20T16:34:54","guid":{"rendered":"https:\/\/telecomkh.info\/?p=3422"},"modified":"2021-08-20T17:34:54","modified_gmt":"2021-08-20T16:34:54","slug":"ntt-data-research-finds-insurance-companies-fast-tracked-digital-transformation-during-covid-19-pandemic","status":"publish","type":"post","link":"https:\/\/telecomkh.info\/?p=3422","title":{"rendered":"NTT DATA research finds insurance companies fast-tracked digital transformation during COVID-19 pandemic"},"content":{"rendered":"

Insurance leaders achieved a full year of digital transformation progress within first 90 days of the COVID-19 pandemic<\/strong><\/p>\n

NTT DATA announced its new research findings, L&A Insurers Shift Their Digital Transformation Into High Gear, which surveyed the transformation that the life and annuity industry has undertaken. The research showed that one year of digital transformation progress was made within the first 90 days of the pandemic lockdown; indicating that leaders sped up plans significantly in 2020 with the arrival of COVID-19. Overwhelmingly, life and annuity (L&A) insurance executives believe in the need for transformational digital change (99%), and 72% of carriers are shifting business models toward digital distribution of other firms\u2019 products and services to provide the best customer experience.
\nAmidst changing consumer expectations, a tumultuous business environment and aggressive M&A activity, the research forecasts how the next decade will be defined by new business models and rapid digital acceleration for the insurance market.
\n\u201cIf the unpredictable last year has taught us anything, it\u2019s that digital transformation is no longer just a competitive advantage \u2013 it\u2019s a business necessity,\u201d said Matt Provencher, President, Financial Services and Insurance, NTT DATA Services. \u201cThis new research demonstrates just how critical technology\u2019s role is for businesses to overcome unprecedented challenges, and sets the stage for how insurance companies will capitalize on digital opportunities over the next decade to achieve new levels of business agility, customer satisfaction and technology prowess.\u201d<\/p>\n

Acceleration of digital transformation is now<\/strong>
\nWith customer needs continuing to evolve, insurance executives are prioritizing transformation and embracing a new wave of innovation through digital business platforms and ecosystems. While prior to 2019, many of these initiatives focused on technology upgrades to streamline operations and increase productivity, in 2021 leaders are now realizing how critical digital technology is to the acceleration of new business growth \u2013 with tools such as real-time analytics, artificial intelligence (AI) and machine learning to improve market strength and competitive advantage. Highlights from the study reveal that:<\/p>\n

\u2022 42% of insurers have created partial or full Digital Business Platforms
\n\u2022 56% are in the process of planning and building these capabilities
\n\u2022 38% are incorporating emerging technologies (Internet of Things, blockchain, AI, robotics)
\n\u2022 38% are applying big data and analytics to target best customers<\/p>\n

Competition and customer demands impacting business strategies<\/strong>
\nThe need to drive transformation is no longer a question of if businesses should, but a question of when and, for many \u2013 why now? NTT DATA\u2019s research also analyzed key trends impacting leadership\u2019s business strategies in the insurance and financial services industries over the next three years, with top responses including:<\/p>\n

\u2022 Changing competitive environment (47%)
\n\u2022 More investment in digital technologies such as Digital Business Platforms (46%)
\n\u2022 Growing political and socioeconomic instability (37%)
\n\u2022 Changing customer demand and behavior (35%)
\n\u2022 Increasing regulatory fines (33%)
\n\u2022 Greater focus on sustainability (22%)<\/p>\n

Still, challenges remain<\/strong>
\nDespite incredible digital progress made in the first 90 days of COVID-19, many insurance companies are still in the very early stages of digital maturity. Key challenges remain to achieve digital transformation \u2013 including technology architecture, developing an attractive business case, and organizational issues.
\nResults show that:<\/p>\n

\u2022 35% of respondents have made investments in digital, but with no comprehensive strategy or roadmap
\n\u2022 Only 12% have a working Digital Business Platform ecosystem that provides business benefits<\/p>\n

For insurance companies to get the most out of their digital investments, leaders will need to plan and strategize for how best to capitalize on market opportunities and technology advancements. One thing is made clear by the report \u2013 the next decade in insurance will be shaped by landmark disruption and a complete overhaul of business models to keep up with a changing consumer and competitive landscape.
\nThe study paints a clear picture of where digital progress in the insurance industry is being made \u2013 and where it\u2019s not. With COVID-19 impacting many companies\u2019 plans for digital projects, market competition and customer demands have evolved, requiring insurance executives to reconsider and re-prioritize many initiatives.<\/p>\n

Above, Matt Provencher, President, Financial Services and Insurance, NTT DATA Services \/ Image credited to NTT DATA Services<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Insurance leaders achieved a full year of digital transformation progress within first 90 days of the COVID-19 pandemic NTT DATA announced its new research findings, L&A Insurers Shift Their Digital Transformation Into High Gear, which surveyed the transformation that the life and annuity industry has undertaken. The research showed that one year of digital transformation … <\/p>\n

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