The future hinges on the adoption of technology-based business models and continued digital transformation." Benjamin Laker breaks down how creating dynamic experiences, combining old and new technologies, and using technology to drive innovation, can help pull in new business while also retaining old customers.
Leaders Need A Digital-First Mindset To Succeed. Here’s Why.
Digital transformation, like time itself, cannot be measured in absolute terms. The definition of true transformation varies by industry and even by individual organization. While the life and annuities (L&A) sector has been a digital laggard, not a digital leader, that is starting to change — proving that organizations in all industries still have an opportunity to digitize and transform.
Life insurers’ shift toward digitization kicked into high gear at the start of the pandemic, according to research from consulting firm NTT Data, which found L&A organizations made one year of digital transformation progress within the first 90 days of the pandemic lockdown. This trend must continue for organizations of all kinds to succeed and survive, according to David Nicolai, chief commercial officer for SE2, a third-party administrator of technology services for L&A insurers.
“The future hinges on the adoption of technology-based business models and continued digital transformation,” he said. “Cultivating this digital-first mindset is what will separate the industry leaders from the also-rans.”