IDC's Worldwide Digital Transformation Use Case Taxonomy, 2023: Insurance

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. It 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."In the midst of a profound transformation fueled by market turbulence, evolving consumer expectations, and technological advancements, the insurance industry must prioritize digital resilience and aim for antifragility," said Davide Palanza, research manager, IDC Financial Insights. "By employing scenario-based digital strategies and agile adaptation, they can adeptly divert to new uncharted paths dictated by evolving circumstances, maximizing their potential for a resounding success."

Product Code: EUR151043323

IDC'S Worldwide Digital Transformation Taxonomy

Digital Transformation Taxonomy Changes for 2023

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