As the dust has settled from the initial onset of the COVID-19 pandemic, leaders are reassessing what the new normal will demand of their operations and accelerating focus on digital transformation. Our Strategy Meets Action partner, Mark Breading, has been conducting pulse surveys to gauge the pandemic’s impact on insurance companies' plans for commercial lines digital transformation.

In the first half of 2020, only 34% of respondents planned to reshape or accelerate digital plans compared with the first half of 2021 where 78% plan to reshape or accelerate.

Priorities differ for small commercial and mid/large market where the top three include respectively:

Small Commercial

   •  Eliminating manual processes
   •  Implementing digital platforms
   •  Upgrading next-generation portals

Mid-market/Large Commercial

   •  Modernizing core systems
   •  Eliminating manual processes
   •  Expanding policyholder self-service

If you are interested in learning more about the survey results and hearing from technology leaders who are enabling insurance digital transformation, check out this on-demand webinar [3].

In our work with clients, we are hearing similar acceleration and focus on digital transformation which has significant management and operational implications we are helping leaders navigate. We would enjoy hearing from you to learn how these trends are impacting your business.