IDC's Worldwide Digital Transformation Use Case Taxonomy, 2019: Insurance

IDC's Worldwide Digital Transformation Use Case Taxonomy, 2019: Insurance

This IDC Taxonomy discusses how the insurance industry's digital mission is driven by the challenges posed to existing business models by the change in customers' and partners' expectations, technology innovations, regulatory demands, and sociopolitical and economic disruptions. The advent of semi-autonomous or autonomous vehicles, connected vehicles and homes, sharing and on-demand economies, and peer-to-peer insurance models are adding a new dimension to the competitive landscape. "Despite numerous challenges, insurance organizations are progressing in their transformation journeys to cater to the requirements of an ever-evolving marketplace," said Sabitha Majukumar, senior research analyst, IDC Financial Insights. "They are striving to deliver contextual and value-centric insurance with a set of strategic priorities, programs that help meet the priorities, and use cases that help achieve the overall goals and objectives of the organization."

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Taxonomy Overview
Understanding and Using IDC's Digital Transformation Taxonomy
Digital Mission: Contextual and Value-Centric Insurance
Strategic Priority: Omni-Experience Engagement
Omni-Experience Engagement Program: Omni-Channel Delivery of Products and Services
Omni-Experience Engagement Program: Customer-Driven Product and Service Innovation
Omni-Experience Engagement Program: Targeted Marketing and Communication
Strategic Priority: Usage- and Value-Oriented Offerings
Usage- and Value-Oriented Offerings Program: Usage-Based Insurance
Usage- and Value-Oriented Offerings Program: Preventative Insurance
Usage- and Value-Oriented Offerings Program: Bundled Offerings Through Partnership Ecosystem
Strategic Priority: Frictionless Insurance
Frictionless Insurance Program: Process Optimization
Frictionless Insurance Program: Omni-Channel Optimization
Frictionless Insurance Program: Open and Collaborative Enterprise
Strategic Priority: Building Cognitive Competencies
Building Cognitive Competencies Program: Intelligent Risk Management
Building Cognitive Competencies Program: Intelligent Compliance Handling
Building Cognitive Competencies Program: Data Monetization
Learn More
Related Research
IDC Digital Transformation Spending Guide

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