The Digital Multiplier

Five steps to digital success in the insurance sector

With global average investments in digital technologies of around US$45 million per company in the last three years, the insurance industry is lagging other industries, both in its level of digitalization and in its ability to realize financial returns on its digital investments.

Accenture cross-industry research undertaken to help companies better understand the interplay between digital and financial performance found that only five percent of insurance companies were able to couple strong digital and financial performance. We identified a significant gap between those insurance companies with strong digital and financial performance and those that were digitally savvy but had failed to achieve the anticipated financial rewards.

The size of the prize is considerable: insurance companies that embrace digital transformation could increase their underwriting profits by 100 percent. But to reap these rewards, insurers must focus on converting digital capabilities into financial benefits—for example, by adapting their strong local distribution models, to compete more successfully on the global stage. With digital technologies at the heart of insurance’s future growth potential, as well as being a preferred means of doing business, insurance leaders must make sure their digital investments multiply value creation.

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