IDC's Worldwide Digital Transformation Use Case Taxonomy, 2021: Insurance

IDC's Worldwide Digital Transformation Use Case Taxonomy, 2021: Insurance

This IDC Taxonomy discusses how the insurance industry's digital mission of contextual and value-centric insurance is driven by the change in customers' and partners' expectations, technology innovations, regulatory demands, and sociopolitical and economic disruptions. The taxonomy defines four strategic priorities to accomplish the digital mission, namely omni-experience engagement, usage- and value-oriented offerings, frictionless insurance, and cognitive competency building. It also defines separate programs or initiatives that support each strategic priority. Under each program are a set of use cases, which are discretely funded efforts supporting a program objective."The COVID-19 pandemic has dramatically stressed the need for insurers to digitally transform their business models," said Patrick Van Brussel, research director, IDC Financial Insights. "Insurers that have developed and implemented an enterprisewide strategy designed to adapt to business disruptions and to capitalize on the changed conditions will thrive in the coming years. Digital resiliency is the indispensable condition of success for the whole industry, and now is the time to boldly move forward."

Please Note: Extended description available upon request.

IDC's Worldwide Digital Transformation Taxonomy
digital transformation Taxonomy Changes for 2021
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
IDC Digital Transformation Spending Guide
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