Though the precise definitions for "digital" and "digital strategy" vary among today's insurers, both terms generally involve a re-evaluation of operations and customer engagement in the face of new technologies.
Novarica explores how insurers' tactics have evolved with respect to new technologies in its recent report "Insurer Digital Strategies and Capabilities" (registration required). The research firm surveyed 83 insurer members of its Insurance Technology Research Council to learn more about where they are investing in the areas that generally constitute digital strategy.
Novarica principal Jeff Goldberg tells us there is no clear winner in terms of industry focus, but insurers are consistently seeking new ways to use their data. "In terms of where budgets are being spent, I'd say analytics and business intelligence," he says. "In any given year, there is plenty of money being spent there."
The study covers the current state of insurers' strategies for agent portals, customer portals, corporate websites, online marketing, digitized internal processes, and analytics. Click through the slideshow to learn more about where insurers stand in these key areas.
Kelly Sheridan is Associate Editor at Dark Reading. She started her career in business tech journalism at Insurance & Technology and most recently reported for InformationWeek, where she covered Microsoft and business IT. Sheridan earned her BA at Villanova University. View Full Bio