Digital agendas in the insurance industry: the importance of comprehensive approaches†

Bohnert, Alexander; Fritzsche, Albrecht; Gregor, Shirley

doi:10.1057/s41288-018-0109-0

Cited by 78 publications

(69 citation statements)

References 57 publications

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“…As we can read from the Figure 1, over 80% of their customers reported being unfamiliar with the digital strategy of Alpha. The development of their new digital strategy and its intrinsic concern with the customer as well as the expression of digital strategies having positive correlations with business success (Bohnert et al, 2019), makes this question relevant to understanding certain facets of Alpha's DT processes.…”

Section: Figure 1: Familiary Of Digital Strategymentioning

confidence: 99%

“…The traversal of a successful DT represents a necessity for insurance businesses, and over the last decade has spurred a significant increase in the prevalence of digital strategies in the insurance sector. The expression of digital agendas has been shown to be positively correlated with business success (Bohnert, Fritzsche, & Gregor, 2019). Understanding how the digital strategy is received by customers and stakeholders may be a key factor of success for DT.…”

Section: Introductionmentioning

confidence: 99%

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Customer Attitudes Towards Participation and Health Data Sharing in the Digital Transformation of Finnish Insurance

Persson¹,

Grundstrom²,

Giunti³

2019

Humanizing Technology for a Sustainable Society

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The contemporary insurance ecosystem is digitally transforming to meet a myriad of emergent conditions pressured by an increase in available data. A paradigm shift necessitates new business models, digital practices, and customer relationships. To begin to understand the attitudes of customers within the digital transformation context, we conducted a large survey of Finnish insurance organization customers (N = 452). The survey gathered customer attitudes towards three factors of digital transformation: Participation in service development, visions and values of the service provider, and health data sharing. The results of the study offer a descriptive statistical snapshot of the attitudes of insurance customers in the Finnish case context relating to these topics; finding a lack of knowledge about the company digital strategy, a low perceived possibility to participate in the creation of services, a high level of trust, and a reluctance to share health data.

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Section: Figure 1: Familiary Of Digital Strategymentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Customer Attitudes Towards Participation and Health Data Sharing in the Digital Transformation of Finnish Insurance

Persson¹,

Grundstrom²,

Giunti³

2019

Humanizing Technology for a Sustainable Society

View full text Add to dashboard Cite

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“…In the area of digital strategies, scholars examined the presence of digital agendas (Bohnert et al 2019), diversified intermediaries (Peng et al 2017) and the impact of digital strategies on service productivity and service innovation (Aspara et al 2017), all of which are positive factors on PERF. Potential paths towards digital strategies in FS are analyzed in the literature as well (Chanias 2017;Chanias et al 2019).…”

Section: Value Creation Modelmentioning

confidence: 99%

Sustaining the current or pursuing the new: incumbent digital transformation strategies in the financial service industry

Dehnert

2020

Bus Res

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Digital transformation (DT) is a major challenge for traditional companies. Despite the term, DT is relatively new; its substance is not: a whole stream of research has examined the relationship between DT and firm performance with contradictory findings. Most of these studies have chosen a linear correlational approach, however, did not analyze the holistic interplay of DT dimensions, leading to firm performance. This applies especially to the mature financial services industry and the future perspectives of traditional financial service providers (FSP). Hence, it remains an open question for both research and practice what DT configurations have a positive impact on firm performance. Against this background, the aim of this exploratory study is to examine how DT dimensions are systemically connected to firm performance of incumbent FSP. Drawing on a qualitative-empirical research approach with case data from 83 FSP, we identify digital configurations along different levels of firm performance. Our findings suggest an evolution of digital configurations of FSP, leading to five empirical standard types from which only one managed to establish a profound basis of DT.

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“…Financial services providers 1 must focus on a set of challenges every day in their business activities. For the past years digital transformation and the resulting threats have been focused in theory and practice (e.g., Bohnert et al 2019). The respective companies have a strong connection to their customers, based on trust and long-term connections, see e.g., Boot (2000) for the banking as well as, Csiszar and Heidrich (2006) for the insurance sector.…”

Section: Introductionmentioning

confidence: 99%

Influencing factors for the digital transformation in the financial services sector

et al. 2020

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Digital transformation affects almost every area in societies and has consequences for incumbent companies. With qualitative research, we explore the influencing factors for digital transformation in the financial services sector. We use a PEST-model and Porter’s Five Forces as the underlying structure for our analysis. Our interviews and findings show that the financial services sector face the same current challenges, but their impact is perceived higher in the banking than in the insurance sector concerning social factors and bargaining power of buyers. The character of the current development is evolutionary rather than disruptive. Almost all incumbents currently focus on modernizing and consolidating their backend-systems. The aim is to enable them for new customer-oriented services. A primary driver for the digital transformation is the threat of a broader market entry by BigTechs. Our research provides a comprehensive overlook about the influencing factors of digital transformation using statements from experts in the field.

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Digital agendas in the insurance industry: the importance of comprehensive approaches†

Cited by 78 publications

References 57 publications

Customer Attitudes Towards Participation and Health Data Sharing in the Digital Transformation of Finnish Insurance

Customer Attitudes Towards Participation and Health Data Sharing in the Digital Transformation of Finnish Insurance

Sustaining the current or pursuing the new: incumbent digital transformation strategies in the financial service industry

Influencing factors for the digital transformation in the financial services sector

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