Many insurance executives view the digital challenge as purely an IT topic, a social media play or a onetime conversion that could be resolved in relatively short order. It is none of these, but rather an ongoing challenge that involves all areas of the business and requires a significant shift in both capabilities and mindset.
Why is mastery of the digital space so pressing for insurers now?
Mainly because the balance of power has been shifting to customers as a result of the rapid adoption of smart mobile devices, the ubiquity of broadband and the proliferation of social media and aggregator websites consumers' and businesses' insurance needs remain largely the same as a decade or two ago, but their behaviors have changed radically: customers now routinely use the internet to inform, compare, buy and interact with providers.
Download this whitepaper for insights into why insurers need to keep pace with evolving consumer needs.