Driving digital to transform the end-to-end customer experience

Changing global conditions over the past two years, including a global pandemic, have pressured executives to accelerate their digitization, and now with most making progress on this front, the need to translate digitization into an enhanced customer experience has become top of mind. Further, driving a differentiated and seamless customer digital experience is the top cited business priority.

Executives are focused on improving the customer experience through data insights, as well as increased efficiencies driven by process automation and other modernization initiatives. However, they face the challenges of limited business agility, legacy infrastructure, sub-optimal business and IT alignment, and an IT talent shortage.

View key findings from our conversations with property and casualty management executives in 2022 below, or download our report.

For more insights on macro trends, including social demographics, climate change, deglobalization, technology acceleration, and supply chain reconfiguration, read our summary.

Top trends and priorities

Top macro trends
  1. Changing social demographics, including aging populations and talent shortages
  2. Climate change, including the energy transition and the acceleration toward decarbonization
  3. Technology and digital acceleration, notably rising customer and citizen digital expectations
Top industry trends
  1. Fast-shifting consumer product and digital servicing expectations
  2. Widespread concern of cyber attacks
  3. Attracting, acquiring and retaining talent
Top business priorities
  1. Drive differentiated, seamless customer digital experience and IT modernization to lower costs and increase agility
  2. Derive value from data to improve underwriting and customer evaluation
  3. Drive end-to-end process automation across the value chain
Top IT priorities
  1. Rationalize, simplify, modernize applications and infrastructure
  2. Establish plan for digital transformation
  3. Continue to develop data insights to support the business

 

Business value chains, digitization and culture change are in focus

 
75%
say the need to reconfigure their business value chains is having a high or medium impact on their business
 
28%
are achieving results from their digital strategies
 
52%
cite culture and change management as their top constraint

What digital leaders do to accelerate results

Among the 28% of property and casualty insurance executives who report achieving expected results from their digital strategies, some common attributes emerge. Our table compares responses to questions from these digital leaders to those from executives whose organizations are still building or launching digital strategies (digital entrants). Learn more about the attributes of digital leaders.

Common attributes of digital leaders

Digital leaders

Digital entrants
Consider themselves to be highly agile 32% 13%
IT and business operations are highly aligned 53% 31%
Have deeply integrated IT and business operations 63% 50%
Are facing legacy challenges 21% 59%
Are migrating to the cloud 50% 28%

Download our 2022 Property & Casualty Insurance report

 

View past reports