A longstanding global insurance client had recruited a new Chief Digital Officer, who wanted to understand the state of digital across the Group’s businesses in North America, UK, Ireland, and Northern Europe. Of critical importance to the project was the need for a data-rich digital maturity model, as well as the ability to build competitive benchmarks in each country. Finally, the CDO wanted to understand key untapped digital opportunities in each country. The insurance context here was a combination of direct and intermediated personal lines, as well as complex and packaged commercial lines, including large global risk solutions.
We deployed a small but senior team to work with our client, and adapted our digital maturity model to suit the business’ lexicon. Using 100 different data points, we assessed each country against 7 key themes:
- Vision and strategy
- Customer sophistication
- Insight & measurement
- Digital innovation
- Digital delivery
- Digital capabilities
We captured and challenged digital penetration figures per country, split by personal and commercial lines, and looking at the difference between online policy sales, online policy servicing, and online claims. We considered robotics (RPA), data & analytics, and more. We benchmarked each country’s digital maturity against each of the 7 themes above against their 4-5 top in-market competitors.
Simultaneously, we considered each country’s digital plans and in-flight activities, benchmarking ROI across the Group using categories such as digital claims, robotics and digital marketing.
Finally, through an interview-based process, we uncovered c. 50 new and apparently untapped digital opportunities across the Group, split by country, and providing an indication of likely value and potential speed of delivery. These included digital claims tracking, easier digital integration with affinity partners using open APIs, digital broker platforms, digitisation of print / post / scan, more robotics, a further investment in innovation, as well as additional collaboration opportunities in the “bread-and-butter” of better quote & buy performance, online self-service and call avoidance.
Within a 12-week period, we immersed the new Chief Digital Officer in every part of the Group’s digital activities, capabilities and ambitions. We provided a single, uniform and benchmarked understanding of digital maturity across all digital teams, a sense of standing against in-market competition, a basis for understanding the digital change portfolio, and a series of clear recommendations for operating model changes as well as c. 50 new digital value opportunities. Within a few months of starting in role, our CDO client was informed and ready to start shaping the Group’s digital agenda from a position of confidence and knowledge.