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Digital transformation ‘no longer optional’

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The COVID-19 outbreak and the subsequent switch to digital technology leaves Australian general insurers with no choice but to transform their operations, a leading consultant says.

“Digital is now firmly intertwined and central to our lives in every way – and is likely to stay that way,” Insurance Lead Accenture Australia and New Zealand Marianne Hutchinson says in an Analysis written exclusively for insuranceNEWS.com.au.

“As such, insurers must ensure their products and services are in line with current and future customer expectations.”

Ms Hutchinson says those companies which had already invested in digital prior to the crisis are best positioned coming out of it.

“The digital leaders are already in pole position and can now focus on growth whereas the digital laggards will have tough decisions to make about how they accelerate their digital transformation and prioritise spend in the face of looming budget cutbacks.”

Ms Hutchinson says the success of short-term “work-arounds” during the pandemic crisis will lead to lasting change.

“The success of these interim measures has shown that simpler customer journeys can be very effective. Insurers should capitalise on this insight. They should re-evaluate the customer experience they deliver.”

See Analysis.