Gartner Research

Digitalization Redefines the P&C and Life Insurance Industry

Published: 14 August 2013

ID: G00248262

Analyst(s): Kimberly Harris-Ferrante

Summary

Digitalization has the promise to transform the insurance industry, creating new opportunities and helping to achieve operational efficiencies and differentiation that were previously impossible. However, it will require significant organizational change.

Table Of Contents
  • Impacts

Analysis

Impacts and Recommendations

  • Digitalization will challenge the existing business model, channel system and business processes, requiring insurers to make significant organizational changes and adopt new competencies
  • Insurers embracing and achieving digitalization will be better-positioned to meet next-generation insurance customer demands for electronic interactions and new insurance products, and improve customer experience management
  • Digitalization will enable significant long-term competitive advantage for early adopters, which will be a detriment to insurers that are slower to transform

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