In a 2020 study by TCS on insurance digital transformation, insurance providers identified digital technology as the most important driver of profitable growth over the next decade.
COVID-19 has dramatically accelerated the need for digital transformation due to reduced customer face time for agents and the increased customer demand for digital and data-driven products and services. Key drivers include:
- Changing demographics and the impact of COVID-19 on Life & Annuity insurers and their members
- The role of data analytics in insurance to drive more engaging, personalized member experiences
- AI in insurance and machine learning to reshape the L&A value chain, from underwriting, pricing, claims, distribution, to member CX and growth
- Approaches to getting started and monetizing your data while concurrently undergoing digital transformation