Report

Insurer Digital Strategies: Current State and Post-COVID Plans

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June 2020 – Insurers’ digital strategies vary widely in maturity, scope, focus, ownership, and metrics, but can be understood as one of four profiles: traditional e-business, digital marketing, digital operations, and broad focus. The pandemic has increased focus on digital for 42% of insurers. Distribution and customer engagement remains the primary focus for a majority of insurers, but many now also include digital marketing and operations within their strategies. The pandemic has increased the importance of digital strategy for many, but not all, insurers.

This report analyzes and presents the results of a survey of insurer CIO members of Novarica’s Insurance Technology Research Council.

Topics

  • Scope and focus of digital strategy
  • Ownership and measurement of digital
  • The effect of COVID-19 on digital strategy

Key Points and Findings

Only 40% of insurers have a formal digital strategy, but most claim at least a set of best practices. For those with a formal strategy, the CIO or their organization is most likely to own the strategy.

42% of insurers say digital strategy has increased in importance since the pandemic, but only 9% have increased digital budgets.

Insurers have diverse approaches to digital strategy, but most can be categorized as one of four profiles: traditional e-business, digital marketing, digital operations, and broad focus.

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