1. Industry struggling with ambition and commitment in digital space
1 of 3
Home
http://www.insurancebusinessonline.com.au/news/industry-struggling-w...
Breaking news
News
Home
TV
Forum
Jobs
LATEST IB JOBS
E-mag
Subscribe
Contact us
INSURANCE BUSINESS TV
Senior Account
Executive, Corporate
Industry struggling with
ambition and commitment in
digital space
Tweet
Like
Loss Adjuster,
Mechanical Breakdown
& Construction
Assistant Account
Executive
Share
MOST DISCUSSED
by IBO | 28 Oct 2013
For this week's Insurance
Business we grabbed a moment
with ...
Far out Friday: 20 of the
lamest sick day excuses
The insurance industry has high
digital ambitions but is failing to take
action and embrace the digital world
due to a lack of investment and
strategy.
Even the easy “quick wins” in
technology are being overlooked by
players, according to Ernst & Young
survey Insurance in a digital world:
The time is now.
Submit
The Great Australian Sick
Day is clearly alive and
kicking, ... READ MORE
Employees should rem
...
NIBA 2013: Cluster group
CEO calls for codes of
practice alignment
Reputation and technology
may boost a broker's
bottom line b ... READ
MORE
We are already seein ...
Insurers team up to help
Get news stories like this straight to
your inbox with our FREE
newsletter
public bounce back from
natural disasters
Two well-known insurance
companies have come to
aid of disas ... READ MORE
why not provide this ...
The survey found 80% of insurers
globally do not see themselves as
digital leaders, believing instead that
they “only play the digital game” or
are still learning to use digital
capabilities. The survey also found
that 81% of insurers believe that
they could lose competitive
MOST READ
Brokerage wins major deal with
well-known brand
In his first interview with Insurance
Business, th ...
‘We have the firepower’: Brokerage
CEO on Australian acquisitions
An insurance brokerage has made it clear
that it i ...
Insurer lands unprecedented
sponsorship deal
An insurance company has made history
in securing ...
advantage if they fail to embrace
digital, and 74% feel it may affect their ability to innovate.
“The Australian market is in many ways similar to the rest
of the world,” EY partner Andrew Taggart told Insurance
Business. “It is well developed digitally for some
categories such as direct motor but there are many other
products that are way behind in terms of digitisation, and
moving from traditional digitalisation to more holistic
approach.”
Sixty-eight percent of respondents globally spend less
than 10% of their business and IT development budget on
digital. Yet despite this, insurance companies have
significant short-term ambitions when it comes to digital,
with 57% of survey respondents saying they intend to
LATEST NEWS
Insurer lands unprecedented
sponsorship deal
An insurance company has made history
10/28/2013 8:37 AM

2. Industry struggling with ambition and commitment in digital space
2 of 3
http://www.insurancebusinessonline.com.au/news/industry-struggling-w...
have a regularly updated digital business case and 78%
in securing ...
aiming to have an organisational structure that supports
Strata inspections could reduce
premiums: Study
A three-month independent study,
commissioned by a ... READ MORE
their digital strategy within the next three years.
Survey respondents cite the lack of a single cohesive
digital strategy business case (47%) and appropriate
operating models to deliver digital capabilities (57%) as
major challenges. Legacy technology is also hindering the
process, with 80% of insurers globally citing legacy
technology constraints as a major impediment to growth.
Respondents also cite intermediary and agent channel
strength or resistance among the top three inhibitors in
implementing a digital strategy.
READ MORE
Insurers tally up bushfire losses as
association meets with community
As insurance losses from the NSW bushfire
continue ...
READ MORE
Industry struggling with ambition and
commitment in digital space
The industry may have big ideas on how
to tackle t ... READ MORE
“As a general trend, the industry has struggled to get the
necessary cohesion of strategy and purpose. They are not
committed to the marketing and investment to develop it
because of a lack of cohesion on digital strategy. There is
a gap between ambition and commitment.”
The survey also found that just 1% of insurers currently
offer online rewards, discounts, apps or “live” website
E-MAG INSURANCE BUSINESS
IB2.04
Virgin territory; Virgin
assistance – although 27% expect to provide these
territory; The big
benefits in the future, and only 43% of insurers are
interview; Off the beaten track; Pla
currently providing mobile quotes, compared to 72% who
...
provide these online.
Taggart said there were a number of “quick wins” the
industry can adopt to get into the digital game but few had
taken the opportunity such as turning one’s traditional
online capabilities into one that can be accessed on a
mobile device; and piloting data and analytics
programmes such as telematics which will enable insurers
to better tailor products to their customers.
He added: “What really need to see now is […] concrete
commitment and strategies with investment backing.”
Tweet
Like
Share
YOUR COMMENT
Insurance Business forum is the place for positive industry interaction
and welcomes your professional and informed opinion.
Name (required)
Comment (required)
Notify me of follow-up comments
By submitting, I agree to the Terms & Conditions
10/28/2013 8:37 AM

3. Industry struggling with ambition and commitment in digital space
3 of 3
Insurance Business
Insurance Business
Mortgage Broker News
Which Mortgage
HRM Asia
http://www.insurancebusinessonline.com.au/news/industry-struggling-w...
Firms
Terms & Conditions
Your Investment Property
Human Capital
Privacy
Your Mortgage
Broker Marketing Services
Mortgage Professional America
Conditions of use
About us
Mortgage Professional Australia
Wealth Professional
HRM New Zealand
HRM Canada
Contact us
RSS
Australian Broker
Corporate Risk & Insurance
Canadian Real Estate Wealth
Insurance Business America
Copyright © 2013 Key Media Pty Ltd
10/28/2013 8:37 AM