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Digital Transformation Set to Overtake the Market amid COVID-19

The fatal pandemic COVID-19 turned the market upside down. Due to lockdown, many businesses including insurers had to switch to the digital platforms. The switch was need of the hour to run their business operations smoothly. Australian general insurers too changed their offline track and moved to digital technology.

Talking about the same Marianne Hutchinson, Insurance Lead Accenture Australia and New Zealand said that digital technology has intertwined. It has become an integral part of our lives and is going to stay in a similar manner. She added that insurers should make sure that their products and services are updated to meet the expectations of present and future customers

According to Ms. Hutchinson, the digital leaders are already leading the change by adopting digital technology way too early than others. Such companies and businesses can focus on their growth but those companies who had never invested in digital transformation will have to gear up in this direction.

Without any doubt, the companies who were already into the digital technology prior to the outbreak and lockdown crisis will benefit the most. Moreover, this change is expected to create a long-playing change in the market.

On this note, Ms. Hutchinson said that the success of the interim measures had shown that simpler customer journeys could be quite effective. Insurers should take advantage of this opportunity and capitalize on the insight. Moreover, insurers should re-evaluate the quality of services they are delivering to improve the experience of the customer. Analyzing the current situation, it is expected that digital technology will overtake the businesses soon and all the companies will switch to this platform from their offline operation.

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