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Volume 30, Issue 1

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Wednesday, 04 January 2017 00:00

Digital Insurance Success Demands New Metrics

DRJ-LogoDigital technologies are transforming the entire value chain of insurance, not only opening up new distribution opportunities, but also altering how insurers can assess, price, and manage risks, and creating new distribution and business models. At Forrester, we have done extensive research over the past year that involved speaking to incumbent insurers and insurance technology providers, as well as leveraging our consumer technographics data for our digital insurance strategy playbook. The playbook provides guidance that digital business strategy professionals need to formulate and hone their digital insurance strategy in the age of the customer.

We have recently published the executive overview, landscape, processes, assessment, and benchmark chapters.

For the performance management chapter specifically, we found that although digital insurance strategy executives depend on measurement to justify digital initiatives, many insurers fail to effectively and meaningfully measure the impact of digital insurance on wider business objectives. For example, while it's important to measure sales driven by individual digital touchpoints such as web and mobile, mobile-only and web-only sales metrics alone fail to demonstrate the value of customers who research insurance online but then buy through an agent, or vice versa. Futhermore, a focus on simple sales metrics ignores the importance of digital touchpoints in providing services that savvy customers value, such as being able to track the status of a claim.