Digital Transformation & Customer Experience

CASE: How to manage digital transformation within the fields of insurance, pension, auditing, and accounting?

What is radical digitalization?

 Radical digitalization should not be understood as ordinary digitalization in the form of improved utilization of digital media like Facebook. The concept of extensive- or radical digitalization should be understood as digital solutions and technologies that involve automated processes and more effective, cost-reducing and value-adding services. Extensive digitalization is usually catalyzed by technology such as software-robots, AI, and data analytics.

How to predict the changes within sectors

Over the past year, we have been working with businesses within insurance, pension and accounting to map out exactly how, and in what ways, each field will be affected by radical digitalization. Based on interviews with customers, managers from national and international digitalized enterprises, researchers, experts, and the perusal of state-of-the-art international literature and research reports, we have identified a range of focus areas of particular importance to the industries.

Working to stay one jump ahead

The fruits of our extensive analyses are two groundbreaking reports that gather and operationalize insights on the digital transformation of the sectors. The reports are accessible below. Apart from the reports, we are working with companies to make them not only equipped for, but front runners of the digital transformation within their fields. In the process, we focus on the hands-on transition from analogue to digital work processes to ensure that the industries are fully prepared to meet the near automated and data-abundant future.

Five reflections on digitalization:

  • New technologies are implemented due to both client expectations for fast, simple and cost-effective services as well as competitive concerns, i.e. the need to stay ahead in terms of cost-effectiveness, consistency and quality.

  • New technological and agile players emerge in even established industries, and the most resourceful and visionary established players are investing heavily in digital transformation.

  • The shift will affect the entire enterprise both in terms of investments, implementation, and competencies.

  • The hardest part of digitalization is rarely introducing and understanding new technology, but dealing with the derived thorough organizational changes. Businesses are faced with a number of consequences ranging all the way from the product innovation processes, to HR- management, to the overarching top-level strategic considerations.

  • As new technology gradually becomes the industry standard, the real differentiating capabilities become the non-digitizable factors such as culture, values, brand, customer service, organization and leadership. Thus, radical digitalization effectively permeates ALL aspects of businesses.

Read the report on radical digitalization within accounting here: https://pub.publify.dk/files/4715/2170/7069/fsrweb.pdf

Read the report on radical digitalization within insurance and pension here: http://www.forsikringogpension.dk/Documents/FogP%20dokumenter/RadikalDigitaliseringRapport.pdf