Pearl River, NY (Aug. 26, 2020) \u2013 ACORD, the global standards-setting body for the insurance industry, has released its 2020 Insurance Digital Maturity Study of the world\u2019s top 130 insurance carriers.<\/p>\n
A rapidly evolving insurance ecosystem, paired with financial uncertainty amid a global pandemic, have led to a need for insurers to modernize that is more urgent than ever. Yet the ACORD study indicates that much work remains to be done. Among the 130 largest worldwide insurers, fewer than 30% have truly digitized the value chain while 13% are not leveraging digital technologies within their current business processes. Further, more than half of the insurers in the study are still exploring how digitization can be applied against their business model.<\/p>\n
The ACORD 2020 Insurance Digital Maturity Study is the 4th edition of this annual study, and includes data and insights current as of July 2020. The study assessed each company\u2019s digital maturity relative to its peers; compared the extent of digital capabilities with the level of value creation; and identified the issues, implications, and most importantly, execution imperatives around successful digitization. The findings provide a clear framework for identifying deficiencies and targeting key improvements.<\/p>\n
\u201cThe insurance industry is at a critical inflection point,\u201d said ACORD CEO Bill Pieroni. \u201cHowever, there is no other industry better equipped to quickly identify, understand, and mitigate risk. As the industry increasingly understands that failing to digitize is a known risk, and that the benefits are material, insurers will place increasing value on its importance.\u201d<\/p>\n
The study found that companies embracing digitization to develop new, technology-enabled operating models throughout the enterprise significantly outperformed the industry, and saw a direct correlation between digital maturity and total shareholder return.<\/p>\n
\u201cThe pace of digitization continues to accelerate throughout the industry in the U.S., London, and worldwide,\u201d said Chris Newman, ACORD\u2019s Managing Director \u2013 Global. \u201cWith digital initiatives underway across the insurance ecosystem, stakeholders are finding that they must embrace emerging technologies to stay competitive in the global market.\u201d<\/p>\n
The full 20-page ACORD 2020 Insurance Digital Maturity Study white paper, which includes strategic and execution imperatives for successfully developing digital capabilities, is free to download for ACORD members. For more information or to download the white paper, please visit www.acord.org\/research<\/a>.<\/p>\n ACORD (Association for Cooperative Operations Research and Development) is the global standards-setting body for the insurance and related financial services industries. ACORD facilitates fast, accurate data exchange, and efficient workflows through the development of electronic standards, standardized forms, and tools to support their use. ACORD members worldwide include hundreds of insurance and reinsurance companies, agents and brokers, software providers, financial services organizations and industry associations. ACORD maintains offices in New York and London. Learn more at www.acord.org<\/a>.<\/p>\n Source: ACORD<\/i><\/p>\n Tags: ACORD<\/a>, Digital Innovation<\/a>, digitization<\/a>, Transformation<\/a> ACORD\u2019s 2020 Insurance Digital Maturity Study of top global insurance carriers identifies key factors for insurers to successfully navigate the digital journey Pearl River, NY (Aug. 26, 2020) \u2013 ACORD, the global standards-setting body...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/19408"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=19408"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/19408\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=19408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=19408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=19408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}About ACORD<\/b><\/h4>\n
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