Digital Transformation

The disruptions created by the pandemic, natural disasters and a shifting workforce in the past year have challenged insurers to respond to market uncertainties with speed. Before looking at where technology met its goals and where there are opportunities for 2022, it bears noting how carriers mitigated uncertainty and aggressively charted a path forward. Carriers didn’t shy away from the need to digitize or accelerate movement to the cloud.

In other news: Overhaul and Movingdots collaborate; Zurich Resilience Solutions adds DEI service; Vertafore names chief technology officer.

Keynova Group, a financial services intelligence firm specializing in benchmark insights, released its Q4 2021 semi-annual Insurance Scorecard, which ranks and compares the websites of the 12 largest U.S. auto and property insurance carriers.

Digital Insurance spoke with Rand Harbert, chief agency, sales and marketing officer for State Farm about celebrating 100 years and its support of small businesses.

New research from SMA shows that the plans and progress of some transformational technologies are accelerating ahead as others have hit the brakes.

In 2021, only about 40% of claimants interacted with a claim estimator via digital channels and 47% made a claim using a website.

Ecosystems, sustainability and workforce transformation were the main topics of the EY 2022 Global Insurance Outlook, which comes out in January 2022. It’s important to understand how digital transformation is uniquely related to each of those topics.

As the effects of the pandemic continue to play out, market activity indicates commercial lines insurers are reprioritizing their tech-oriented projects, with some plans continuing to move forward while others have slowed down.

There are vital aspects of business that have virtually stagnated despite the high-tech breakthroughs all around them. In insurance, it’s easy to spot: the process for managing risk transfer still relies on technology better suited for the 20th Century. It’s time for an upgrade.

In 2021, the insurance industry reckoned with the broad impact of the COVID-19 pandemic. Appropriately, 2022 will need to be the year that agencies and carriers pivot from reacting and surviving to implement new strategies for success.