Adapting Insurance Strategies for Digital Transformation PPT
This PPT slide, part of the 25-slide Digital Insurance Maturity Model PowerPoint presentation, presents a comparative analysis of the evolving needs in the digital insurance sector, contrasting the approaches of digital insurers with traditional insurers. It highlights an emerging set of diverse business needs that demand a more fluid and agile architecture development approach.
On the left side, the slide lists various business needs, emphasizing the necessity for a digital-centric experience for clients, the expectation for multi-channel capabilities, and the demand for simpler products. It also notes the lowering of barriers to entry due to technological advancements and the emergence of new entrants. Rapid digital innovation is underscored, affecting both product offerings and operational methods. The final point mentions the rise of capabilities through communities and ecosystems, indicating a shift towards collaborative approaches.
The right side delineates the differing strategies employed by digital and traditional insurers. Digital insurers adopt a human-centered design approach, utilizing agile methodologies across the entire business rather than limiting them to IT functions. They emphasize a "Digital First" strategy and focus on value-based pricing, presenting offerings on an "As a Service" basis. Governance in this model is described as elastic and tailored to fit specific purposes.
In contrast, traditional insurers are characterized by tightly controlled changes to products and policies, reflecting a more cautious approach to risk management. Their focus is on operational efficiency and establishing repeatable delivery processes. The management of product portfolios is highlighted as a critical lever, alongside a strong emphasis on compliance.
This slide effectively illustrates the need for insurers to adapt their strategies in response to changing market demands, showcasing the stark differences between digital and traditional approaches.
This slide is part of the Digital Insurance Maturity Model PowerPoint presentation.
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Digital Transformation Insurance Digital Maturity Maturity Model Risk Management Agile Human-centered Design Innovation Governance Purpose Compliance
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