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IDC's Worldwide Digital Transformation Use Case Taxonomy, 2020: Insurance

Published by IDC Product code 947129
Published Content info 40 Pages
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IDC's Worldwide Digital Transformation Use Case Taxonomy, 2020: Insurance
Published: July 2, 2020 Content info: 40 Pages

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 building cognitive competencies. It also defines separate programs or initiatives that support each strategic priority. Under each program are a set of use cases that are discretely funded efforts supporting a program objective."Recent global events have shown that years of slow DX progress is adversely impacting many insurers as they respond to customer needs in crisis situations," said Sabitha Majukumar, research manager, IDC Financial Insights. "Insurers must strive hard to break the deadlock and accelerate their DX efforts with an enterprisewide strategy underpinned by clear strategic priorities, programs, and use cases. This will equip them with the right platform, technology, and skills to not just address changing customer and market behavior induced by digital advancements, but also tackle extraordinary calamities like global pandemics."

Table of Contents
Product Code: US44961820



Taxonomy Overview

  • Understanding and Using IDC's Digital Transformation Taxonomy


  • 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

  • Related Research
  • IDC Digital Transformation Spending Guide
  • Synopsis
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