Five Steps to Digital Success in the Insurance Sector

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The Digital Multiplier: Five steps to digital success in the

insurance sector

The insurance industry is

trailing the digital pack


The insurance industry lags both in its level of

digitalization and in its ability to realize financial

returns on its digital investments.

In the last three years, investments in

digital technologies have averaged

$45 million per company globally.

Only 5% of insurance companies

were able to couple strong digital

and financial performance.


Yet opportunity is out thereThe potential prize is considerable.

Insurance companies that

embrace digital

transformation could

increase their underwriting

profits by 100%.


Enhancing digital

performance

Since digital technologies lie at the

heart of insurance’s future growth

potential, insurance leaders need to

make sure their digital investments

multiply value creation.

The Accenture Digital Performance

Index assessed how companies use

digital technologies and channels to

plan, make, sell and manage their

business activities. We found that by

failing to embrace four fundamental

success factors, insurance companies

are missing out on significant returns.


Enhancing digital

performance

1Equate digital with driving

value: High performers show a

64% improvement on digital

leaders in terms of revenue growth,

and a 48% difference on

profitability (return on equity).


Enhancing digital

performance

2Apply a digital multiplier: Some insurers are successfully

applying digital investments to

increase gains from the current

business and help build a

sustainable future.


Enhancing digital

performance

3Balance investments across

all digital dimensions:

Insurers see digital as a key

component of their growth strategies,

and often have devised a partial plan

on how to integrate digital activities

into their businesses.


Enhancing digital

performance

4Adopt geo-specific portfolio

management: Running a

cross-market platform approach,

that suits individual insurers’

geographic needs, avoids duplication

and brings scale to investments.


1Measure digital progress: Establish

clear group-level digital-maturity and

value-creation measurements to

assess time-to-value for investments.

Five steps to digital success in insurance

Insurers must convert digital capabilities into financial benefits to compete on a

global stage. Winning insurers need to:


2Focus on the digital multiplier:

Understand which capabilities are

structurally local, or specific to

one line of business or product,

versus those that apply across

most dimensions.





3Balance investments and execution

efforts: Involve all four areas of

digital performance—plan, make,

sell and manage—at a group and

local level.





4Be geo-savvy: Differentiate with

smart geographic and financial

portfolio management





5Rapidly share successes: Share

leading practices in areas where

high performance digital

capabilities cannot be applied.




LEARN MOREabout how insurance companies can use digital

to drive value with our full report:


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Five Steps to Digital Success in the Insurance Sector