Why Are We Still Talking About Digital Transformation?

We've been talking about the topic for many years now. Aren't we done yet? Can't we move on?  In fact, we are just about done -- almost all insurance operations have incorporated digital technology. So, yes, it's time to move on to the next stages of the industry's remake.

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an abstract image meant to represent digital transformation. It includes several blue triangles mixed with yellow and white shapes. The shapes are coming together to form peaks and valleys in a vast digital landscape t

Many date the beginnings of the insurance industry’s digital transformation to the emergence of cloud computing some 15 years ago. Others go back further, to the arrival of the commercial version of the internet in the mid-1990s. Some would trace the origins all the way back to the debut of personal desktop computers in the early 1980s or even to the introduction of digital calculators in the 1970s.

Whatever date is correct, it’s clear that digital transformation in insurance has been underway for a very long time. So, why haven’t we moved on? Why are we still focused on digital transformation?

In fact, it’s time we wind down the digital transformation phase and move to the next stage of digital strategy, which we call digital evolution, and then to the third stage: digital intelligence. The ill-defined transformation process is just one part of a digital strategy. To get the full benefits of digital technology, you need to understand and define all the steps that will get you there.

 

a graphic showing the modern digital journey including transformation, evolution and digital intelligence


Insurance Thought Leadership

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Insurance Thought Leadership

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ClarionDoor

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ClarionDoor

ClarionDoor, acquired by Zywave in November 2021, is the provider of the most intelligent insurance product distribution, standalone rating, comparative rating, and policy management solutions with a multitude of customers live today across the United States, Australia, New Zealand, and the United Kingdom. Our breakthrough API-first, cloud-native technology enables carriers, MGAs, program administrators, and wholesalers to design, configure, and distribute products for any P&C line of business, and liberate them to focus on innovation, not implementation. To learn more, visit www.clariondoor.com or contact us at cd_info@zywave.com.

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