The insurance industry is finally ready to embrace digital transformation, according to a global report from Novidea. The study reveals that 79% of insurance professionals believe their company is prepared for digital transformation, with 89% saying they have the necessary skills. This is a significant shift from previous years, where the industry was seen as resistant to change.
The report also highlights the key drivers of digital transformation in the insurance sector. These include the desire to improve customer experience (83%), the need to increase operational efficiency (79%), and the goal of achieving competitive advantage (77%). It also reveals that 86% of insurance professionals believe that digital transformation will improve their company’s profitability.
The study, however, also uncovers some challenges. For instance, 37% of respondents cite budget constraints as a key barrier to digital transformation, while 36% mention lack of understanding about what digital transformation involves. Despite these hurdles, the general sentiment among insurance professionals is one of readiness and enthusiasm for digital transformation.
The report concludes by emphasising the importance of digital transformation for the future of the insurance industry. It suggests that companies who fail to adapt risk being left behind by their more digitally-savvy competitors.
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