How Management in the German Insurance Industry Can Handle Digital Transformation

Wiesböck, F; Li, L; Matt, C; Hess, T; Richter, A (2017). How Management in the German Insurance Industry Can Handle Digital Transformation (Management Reports des Instituts für Wirtschaftsinformatik und Neue Medien). LMU München

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Information technology (IT) heavily impacts various industries’ products, processes, and business models. Therefore, a strategy on how to approach this IT-induced digital transformation seems vital. This also holds true for the insurance industry. Using the Digital Transformation Framework (DTF) we provide guidance to managers of insurance companies by illustrating how three European insurance companies approached their digital transformation. Among other findings, our analysis shows that, for the insurance industry, structural changes can be seen in the recent appointment of Chief Digital Officers or the establishment of dedicated central digital transformation units. Changes in value creation are reflected in new insurance products (such as insurance against cyber risks), a focus on personalized, situation-based insurance and the continued improvement of business processes through IT. In general, insurers have begun to see the strategic value of IT that lies beyond solutions for business process improvement, and started to attribute a more enabling role to IT within their organizations.

Item Type:

Report (Report)

Division/Institute:

03 Faculty of Business, Economics and Social Sciences > Department of Business Management > Institute of Information Systems > Information Management
03 Faculty of Business, Economics and Social Sciences > Department of Business Management > Institute of Information Systems

UniBE Contributor:

Matt, Christian

Subjects:

000 Computer science, knowledge & systems
300 Social sciences, sociology & anthropology > 330 Economics

Series:

Management Reports des Instituts für Wirtschaftsinformatik und Neue Medien

Publisher:

LMU München

Projects:

[848] Digitalisierungsstrategien Official URL

Language:

English

Submitter:

Patrick Cédric Munz

Date Deposited:

12 Mar 2018 09:14

Last Modified:

18 Oct 2018 15:31

BORIS DOI:

10.7892/boris.105693

URI:

https://boris.unibe.ch/id/eprint/105693

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