Digital transformation in insurance: lessons learned in 2017 and forecast for 2018

Digital transformation refers to the integration of technology into all areas of a business resulting in profound changes in how the business operates and interacts with customers.

A recent McKinsey and Company blog post points out that successful companies do not just focus on a digital strategy but instead devise a strategy for the digital age —  “a complex, many-tiered undertaking that is made more challenging by continuously shortened development cycles.”

The post explores a few of the digital transformation lessons insurance companies learned in 2017 and questions CEOs should be asking in 2018.

Lessons learned in 2017 include:

  • Focusing on the big picture
  • Understanding value drivers
  • Prioritizing technological literacy

Key questions for 2018 are:

  • How should we approach investing in digital?
  • What is our ecosystem strategy?
  • Are we seeing enough value from data and analytics?
  • Is IT effectively partnering with the business?



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