Global Digital Insurance Benchmarking Report 2015 Released by Bain & Co

FINANCE
Bangkok, THAILAND
20 July 2015.

 

NEARLY HALF OF INSURERS WORLDWIDE SAY THEY LACK AN
ACHIEVABLE PLAN TO CARRY OUT A SUCCESSFUL DIGITAL TRANSFORMATION

New benchmark survey from Bain & Company finds four major pathways
that leading insurers are taking to realize digital progress

Bangkok, 21 July 2015 – It might as well be the beginning of the millennium for the global retail insurance industry, which trails far behind other industry sectors – retail, media and retail banking – when it comes to adopting digital tools and business models. Bain & Company, in its new benchmark survey of 70 life and property and casualty (P&C) insurers worldwide, Global Digital Insurance Benchmarking Report 2015: Pathways to Success in a Digital World, suggests the lag stems from a lack of confidence among insurance executives in their ability to execute the digital transition.  Almost half of the companies surveyed said they don’t believe they have an achievable plan, and 60 percent are missing some key elements for the journey, such as a clear vision or compliance and risk processes.  This inaction has created a vacuum that upstart disruptive companies are rushing to fill with alternative products and solutions that aim to address customers’ frustrations with traditional insurance offerings.

Harshveer Singh, leader of Bain’s life insurance sector in Asia-Pacific, reveals that there are six key dimensions of a successful digital transformation.  While he acknowledges that no one company currently excels across all, he argues that in the very near future, all insurers will at least have to meet a minimum threshold in each to realize digital progress.

Please find attached the press release and report.

If you have any queries or would like to schedule an interview please get in touch.

Kind regards

Susan

Susan Renshaw (née Byam-Cook)

Manager, Marketing

Bain & Company SE Asia, Inc.