The report provides an overview of the current challenges and priorities for carriers, brokers and insurtechs, with customer experience ranking among top digital transformation goals and a growing focus on minimizing risk.
NEW YORK, July 6, 2023 /PRNewswire-PRWeb/ -- A new report from Arizent, the parent company of Digital Insurance, an information resource serving senior executives in the insurance sector, analyzes how firms are navigating digital transformation in a post-COVID world. Among shifting priorities, insurers remain committed to staying on course with these initiatives, with customer experience at the center of these efforts for most organizations and a growing focus on minimizing risk.
At the top of the list, 75% of carriers and brokers rank customer experience as their primary digital transformation goal in comparison to 81% in 2022. While still only mentioned by a minority, the percentage of carriers and brokers focused on minimizing risk has doubled year over year to 30% in 2023. The research reveals a corresponding shift among insurtechs this year with more than 2X as many targeting underwriting or rating lines of business with their products or services in 2023 (67%) compared to 2022 (28%).
"Firms are always looking for new ways to upgrade a critical component of the value chain, Janet King, Vice President of Arizent Research, says. "Top line goals often drive digital transformation, yet our survey shows that insurers are leveraging these efforts to minimize risk and insuretechs are stepping forward to address underwriting needs."
Staffing challenges top the list of factors impacting the direction of insurers' digital strategies with only about half (56%) of insurers reporting their firms are adequately staffed to meet their goals. Many insurance carriers are planning to expand their workforce by hiring data scientists (52%), application developers (51%), information security officers (49%) and data administration (40%).
"Carriers aren't shortchanging their departments," King continues. "Most insurers are actively hiring some of the highest-value jobs in technology in order to better prepare for a customer-driven digital future."
For full details, download the report here: https://www.dig-in.com/research-report/digital-transformation-pivots-to-underwriting
Research Methodology
This survey was conducted online in March 2023 and was completed by 139 respondents: 100 from insurance carriers or brokers and 39 from insurtechs or tech vendors. By size, carriers split out as: more than $10 billion in premiums (27%); between $1 billion and $10 billion in premiums (47%); and less than $1 billion in premiums (27%).
For more information on this survey or other Arizent research, contact:
Janet King
Vice President, Research
Arizent
[email protected]
M 207-807-4806
About Arizent
Arizent is a business information company that advances professional communities by providing insights and analysis and convening industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders, an executive forum. Arizent also connects business communities through leading financial services brands like American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance.
About Digital Insurance
Digital Insurance is the essential resource for senior executives leading the digital transformation of the insurance industry. Across events and member forums, original research reports, and editorial news and analysis, Digital Insurance examines business-critical topics in technology innovation, data advancements, insurtech market trends, and transformation strategies. The brand convenes the community around these transformational ideas and insights they need to stay ahead of the competition and the real-world examples of impact that they can bring back to their companies.
Media Contact
Janet King, Arizent, 212-803-8500, [email protected]
SOURCE Arizent
Share this article