target audience: TECH SUPPLIER Publication date: Aug 2024 - Document type: Taxonomy - Doc Document number: # US51439724
IDC's Worldwide Digital Transformation Use Case Taxonomy, 2024: Insurance
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Abstract
This IDC Taxonomy discusses how the insurance industry's digital mission of contextual and value-centric insurance is driven by the change in customers and partners' expectations, technology innovations, regulatory demands, and sociopolitical and economic disruptions. The taxonomy defines four strategic priorities to accomplish the industry's digital mission: omni-experience engagement, usage- and value-oriented offerings, frictionless insurance, and cognitive competency building. It also defines separate programs or initiatives that support each strategic priority. Under each program are a set of use cases, which are discretely funded efforts supporting a program objective.
"In the past 18 months, insurers have made significant strides in integrating generative AI, primarily targeting internal productivity enhancements," said Davide Palanza, research manager at IDC Financial Insights. "To fully realize GenAI's potential, insurers must expand their focus. By aligning GenAI with their broader digital strategies, insurers can use it as a catalyst for transformation. This approach drives operational efficiency, unlocks new revenue streams, and reimagines the industry's future."