Digital Transformation in Insurance: Differences Across Continents

by Karen Monks,  Nicolas Michellod, September 12, 2014
Industry Trends
Asia-Pacific, EMEA, Latin America, North America


The move from the physical to the virtual world, from person-to-person interaction toward person-to-machine or machine-to-machine, is changing the insurance industry. Integrating and coordinating among disparate and siloed delivery channels will be critical to satisfying ever-increasing customer expectations.

In the report Digital Transformation in Insurance: Differences Across Continents, Celent analyses the differences between insurers in Asia-Pacific, Europe Middle East and Africa, Latin America, and North America in terms of their digital transformation initiatives, investments, and programs.

Celent defines digital transformation as the strategy of transferring as many manual tasks as possible into digital activities. This strategy can be achieved in different ways, including:

  • Automating processes.
  • Selling products online.
  • Leveraging mobile devices and mobile technologies in general.
  • Dematerializing documents and communication materials.

Data gathering through all sorts of tools (and therefore, data management and analytics) plays an important role in digital transformation efforts.

This report details the results of our regional insurance CIO surveys, starting with an overview of how digital transformation is defined in insurance and how it is perceived to support strategic business objectives. The report then analyzes insurers’ priorities when investing in digital transformation initiatives and where insurers are in terms of these investments.

“Digital transformation is a major investment driver for insurance companies globally, and we think digitization programs will trigger further spending over the next 5 to 10 years.” says Karen Monks, a senior analyst within the Celent insurance practice and coauthor of the report.

“We believe that the next wave of digitization will be around gathering more data through connected devices in order to improve the basics of insurance,” adds Nicolas Michellod, a senior analyst within the Celent insurance practice and coauthor of the report.

This report contains 12 figures and three tables, and concludes with a dedicated section on mobile technologies and social networks.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
Tel: +1 212 345 1366

Europe (London)
Chris Williams
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary


Survey Approach and Participants



Celent Research Themes



2014 Regional CIO Surveys



Survey Participants


Defining Digital Transformation in Insurance



What Does Digitization Mean?



Digital Transformation to Support Business Objectives


Priorities and Investment in Digital Transformation



Digitization Top Priority



Digital Transformation Investment Progress



Investment in Analytics


Mobility and Social Network Focus



Mobility Use Cases and Benefit Perception



Importance of New Sources of Data to Insurers


Final Thoughts



Celent Perceived Benefits of Digitization



Implications for Insurers and Vendors



The Internet of Things, or the Next Wave of Digitization


Leveraging Celent’s Expertise



Support for Financial Institutions



Support for Vendors


Related Celent Research


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