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When it comes to digital performance,

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insurance still is one of the least advanced industries

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in the world.

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In BCG's recent digital maturity assessment,

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insurance scored among the lowest

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out of nine industries.

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Many insurers still seem uncertain

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how to digitize and what the costs

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and the return on investment might be.

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Looking at 200 insurers globally more closely

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revealed, though, that this is not true for all players.

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Out of these 200, 53 classified as digital champions,

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which means they score in the top quartile

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of the maturity assessment.

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Interestingly, those champions are not all Asian

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like one might think.

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In fact, over half of them comes from Europe,

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a good mix between the large multinationals

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and midsize players.

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Analyzing what these champions have in common,

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we found out that, first of all,

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they invest a significant amount of their resources

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into digital projects.

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They typically embrace new ways of working, like Agile.

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But most importantly, they focus their investments.

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Digital champions don't try to be all things

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to all people, or the best at everything.

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Rather, they focus their investments

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depending on their strategy.

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So, some are more data players,

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others are sales digitizers,

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again others are innovators, or even digital natives.

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Also, the digital maturity strongly correlates

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with a better performance in the three

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most important business KPIs:

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customer satisfaction, revenue growth,

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and expenditure reduction.

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Performing well on those KPIs increases shareholder return,

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so the digital maturity generates overall value.

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In fact, this link is so strong

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that we believe investing in digital

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is a primary cause of superior business performance.

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For more details, we happily recommend

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our recent study in digital insurance,

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which reveals evidence that investments in digital

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yield real and meaningful business results.

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(cheerful music)