The digital opportunity in insurance
Fueled by FinTech investments and InsurTech startups, insurance has become a hotbed of digital innovation. In response, insurers must embrace change and rethink business models to move towards a compliant, secure and digitally-enabled operating model to enhance customer, employee, partner, and other stakeholder experiences. New digital tools and capabilities help streamline new product development, digital experiences, and the transformation of key functions – from marketing, distribution, underwriting and claims to finance and accounting.
Those who fully embrace digital transformation can achieve significant competitive advantages by meeting tomorrow’s customer needs; driving operational agility to respond to changing marketplace expectations. To succeed, insurers must understand what’s possible and take decisive action to deliver value now and ignite long-term growth.
EY's digital and transformation services
EY collaborates with insurers on both large-scale transformation programs and targeted deployments of digital tools and capabilities. Our specific offerings include:
The components of digital transformation
EY's insurance team helps insurers develop the critical skills and capabilities they need to deliver improved performance today and sustainable innovation tomorrow.
Innovation in Insurance Video Series
The insurance landscape is being transformed like never before. Here is a selection of videos on how EY can help you drive your business forward.
Why choose EY as your partner for digital transformation?
- Unique industry insights from insurance customer and digital research, including surveys of more than 20,000 participants
- Full range of integrated digital capabilities, from strategy through execution and ongoing optimization
- Major alliances and partnerships with established technology leaders and emerging InsurTechs to augment our capabilities
- Digital service bureau model to embed, support and industrialize new capabilities
- EY Digital Innovation centers – high-impact environments for ideation sessions designed to spark new thinking, creative collaboration and proofs of concepts
Featured insights
Driving immediate value and enabling future innovation
For insurers that move boldly, the path to digital maturity provides opportunities to reduce costs, enhance customer experiences, increase speed to market, boost sales, and improve efficiency.
Digital transformation beyond insurance
Recent study conducted by Forrester Consulting on behalf of EY discusses how financial services digital leaders are using a customer-centric approach in their overarching digital enterprise transformation efforts to drive innovation and revenue.
Digital transformation eBook
Learn how insurers can achieving the vision of digital insurance
Read our eBook >
Key issues and opportunities in:
- Digital and omnichannel
- Big data and analytics
- Legacy system transformation
- Cybersecurity
- InsurTech and blockchain
Global insurance M&A themes 2018
Deal activity in 2017 contained signs of the M&A trends we expect to see accelerate as insurers seek innovative ways to transform their business.
Customer experience of the future
How intelligent virtual assistants and chatbots can enhance service interactions.
The future of work in insurance
Learn about a radical shift that is occurring in the world of insurance.
Impact of IFRS 17 on insurers
While IFRS 17 undoubtedly represents significant change, it also presents insurers with opportunities to use it as a catalyst to transform data, systems and processes.
Claims in a digital era
Learn how data, analytics and AI can enable insurers to transform customer experience and win the future against an increasing range of competitive threats.
Read our eBook >
2017 Digital Underwriting Survey
Our survey of carrier, broker and InsurTech firms examines the technologies driving major changes to underwriting.
