Reimagine Growth With A Platform-Centric Digital Strategy: A Spotlight On Insurance
A Forrester Consulting Thought Leadership Paper Commissioned By EdgeVerve, February 2024
Amidst escalating risks and rising inflation, insurers are under pressure to embrace digital transformation for sustained competitiveness. While a digital-first approach driven by AI and automation offers promising industry-wide advancements, numerous firms still grapple with implementation challenges. Insights from a study conducted by EdgeVerve and Forrester Consulting underscore the pivotal role of platform adoption in fueling profitability and growth within the insurance sector.
Connectivity, automation, and AI are transforming the business landscape of insurance at scale, facilitating the shift from detect and repair to predict and prevent. This will impact pricing, distribution, underwriting, and claims, but there exists a significant gap between insurers’ intentions and current reality. For them to crystallize their vision for digital transformation, insurers must become proficient at wielding the powers of connectivity, automation, and AI strategically to deliver the desired value.
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Where the focus points of the study are:
The necessity to adapt to digital transformation
The potential of a digital-first approach powered by AI and automation
The persistent struggles faced by many insurers in overcoming implementation hurdles
The emergence of a platform-based strategy as a critical solution for enhancing connectivity, efficiency, and competitiveness
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