BREAKING NEWS! Enabling digital transformation is at the forefront of many insurers’ minds. Ok, well maybe it’s not breaking news, but we have new facts and stats.
In November 2020, we asked P&C insurers attending Connections Reimagined to participate in a survey to identify their top strategic imperatives heading into 2021. Global insurance professionals identified the following five as their companies’ No. 1 priority.
We wanted to understand more. So, we also asked what’s holding them back from their No. 1 priority. Budget, lack of IT resources, and slow, outdated systems are some of the named challenges. And, we can’t forget COVID-19…ever. While it has caused its share of challenges and devastation, it has also forced many insurers to move a little faster in their digitalization journey and focus more on driving process improvements.
Be on the lookout here in the Smart Approach Blog over the next few weeks, as Guidewire experts will share their thoughts on the survey results and what’s in store for 2021.
In the meantime, be sure to check out the full report “Top Five Imperatives of 2021: Insurer Priorities, Challenges, and Successes.” In the report we dive deeper into each imperative and spotlight insurers such as Aviva Italy, Tryg, CAA Insurance Company, and Union Mutual, that have succeeded in these areas. And watch the recent Connections Reimagined session “Insurers’ Top Five Imperatives for 2021," where I spoke with industry analysts to discuss these five priorities and what they’re seeing in the industry.