News : Insurance Industry Expects Digital Technology to Drive Transformation
New York, NY, USA, Nov 1, 2016 -- Digital transformation can propel the insurance industry forward; however, barriers exist, with a significant gap between organizations that leverage technology for competitive advantage and those that struggle with innovation, finds a new study from the Genpact Research Institute, the research think tank of Genpact (NYSE: G), and ACORD, the global standards setting body for the insurance industry.
Leaders harness power of digital technology to improve customer experience
The study provides insights into what differentiates digital leaders from the laggards:
- Nearly all (91 percent) leaders say digital technology has significant impact on their companies’ revenue growth compared to approximately half (55 percent) of laggards.
- Leaders optimize technology to improve customer experience: 70 percent of leaders say digital has a significant impact on customer loyalty (compared to only 36 percent of laggards), and leaders are more than six times more likely than laggards to see a substantial effect from digital on their company’s single view of the customer.
- The majority (81 percent) of companies with middle and back offices that effectively support customer expectations are digital leaders.
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Taken together, these findings imply that aligning end-to-end front, middle, and back office operations has a direct impact on the effectiveness of digital transformation, improving customer experience, and a company’s overall performance.
"The insurance industry needs to move beyond just ‘fixing’ legacy systems. This remains a critical concern; however, process transformation through the front, middle, and back office is what drives a superior customer experience and sets up a company for growth," said Scott McConnell, senior vice president and global leader, Insurance at Genpact. "Insurers must also take note where channels struggle most, and support the agent network and other indirect channels with resources to enable transformation of the end-to-end customer experience."
Digital’s potential hindered by legacy systems and inability to instill culture of innovation
More than half (58 percent) of all respondents – which includes professionals at insurers and in insurance distribution channels – predict significant impact from digital technology in two years; however, legacy systems are the top barrier (cited by 68 percent) that impedes many organizations’ efforts to achieve enterprise transformation. In addition, laggards suffer from an inability to instill a culture of innovation:
The overwhelming majority (82 percent) of laggards say their company lacks a corporate vision for digital transformation compared to only 27 percent of leaders.
Laggards also struggle much more than leaders with the inability to experiment quickly (82 percent of laggards say this a challenge compared to 41 percent of leaders) and risk aversion (cited as a barrier by 91 percent of laggards compared to 48 percent of leaders).
"ACORD is pleased to work with Genpact on this important research initiative," said Bill Pieroni, chief executive officer of ACORD. "The results of this study are insightful and offer provocative insight to support digital transformation in the insurance industry."
Posted by Veronica Silva Cusi, news correspondent
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Genpact is a Business process outsourcing (BPO) company in India. It was formerly a GE owned company called GE Capital International Services or GECIS. It operates from India, China, Guatemala, Hungary, México, Morocco, the Philippines, Poland, the Netherlands, Romania, Spain, South Africa, and the United States.
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