Life & Health Digital Strategies: Cheaper, Smarter, Faster, Better

by Donald Light, September 30, 2014
Industry Trends
North America

Abstract

Life & health insurers can make significant improvements in their top lines, bottom lines, and brands through the thoughtful development and careful implementation of digital strategies. Doing so requires an understanding of how digital strategies differ from conventional strategies, the nature of digital goals, and the way digital enablers of those strategies will significantly change over the next few years.

A digital strategy is a set of high-level digital activities (or a combination of digital and physical activities) designed to achieve digital goals.

"A variety of digital strategies can be created within any life/health process, whether new business, policyholder service, or claims," says Donald Light, director of Celent’s Americas Property/Casualty practice and author of the report. "Each digital strategy is aimed at achieving specific digital goals, and uses either current or future enablers."

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 subsidiary 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

Introduction

2

What Is a Digital Strategy?

3

 

Plain Old Strategies

3

 

Digital Strategies

4

Cheaper, Smarter, Faster, Better

5

How to Build a Digital Strategy: Using Digital Enablers

7

 

Current Digital Enablers

8

 

Future Digital Enablers

9

Building Better Digital Strategies

11

Conclusion

18

Leveraging Celent’s Expertise

19

 

Support for Financial Institutions

19

 

Support for Vendors

19

Related Celent Research

20

Sign in to download reports and access personalized information