Hunting for Extreme Digital

by Craig Beattie, December 8, 2014
Industry Trends
Global

Abstract

Digital is a hot topic in all industries and particularly in insurance, but what does extreme digital look like in the Insurance industry?

New research from Celent examines the increasing role of digital in the insurance industry and seeks to address the lack of definition of a “digital insurer.” Building on prior research into digital insurance, this new report describes a continuum of insurance propositions and examines both advanced digital propositions and those at the extreme.

“Insurers are investing in digital and making their offerings to customers faster, smarter, cheaper, and for many, better,” says senior analyst Craig Beattie, author of the report. “But the investment in extreme digital products and propositions is being made in unexpected places, signalling potential for surprise disruptions in the next five years.”

Celent’s research suggests that not only are insurers pragmatically adopting digital to provide new products to customers and different engagement — but that investment in digital has already seen significant evolution.

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
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

2

 

Why Digital?

2

 

Perhaps More Importantly: Why Not Digital?

2

What Is Digital?

3

 

Defining Digital

3

 

What Is More Digital?

3

A Look at Very Digital

6

Extreme Digital Propositions

8

 

Born of Necessity

8

 

Hunting Extreme Digital

9

Conclusion

11

Leveraging Celent’s Expertise

12

 

Support for Financial Institutions

12

 

Support for Vendors

12

Related Celent Research

13

Sign in to download reports and access personalized information