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

Published: | IDC | 44 Pages | Delivery time: 1-2 business days

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IDC's Worldwide Digital Transformation Use Case Taxonomy, 2021: Insurance
Published: July 19, 2021
IDC
Content info: 44 Pages
Delivery time: 1-2 business days
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  • Description
  • Table of Contents
Description

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."

Table of Contents
Product Code: US47803221

IDC's Worldwide Digital Transformation Taxonomy

digital transformation Taxonomy Changes for 2021

Taxonomy Overview

  • Understanding and Using IDC's Digital Transformation Taxonomy

Definitions

  • Insurance
  • 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

  • Appendix
    • IDC Digital Transformation Spending Guide
  • Related Research
  • Synopsis