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Insurance and finance ahead of the game in digital transformation

by jcp
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Insurance and finance businesses appear to be ahead of the game when it comes to digital transformation after a survey revealed more than nine out of 10 now view themselves as having ‘gone digital’.

The survey by Crown Records Management showed business in the sector have embraced digital solutions more than most other businesses.

In fact, 62 per cent are speeding up digital transformation plans because of the pandemic, with almost half planning new projects in the next 12 months.

Antony Biondi, Head of ECM at Crown Records Management, said: “These results are encouraging news for the finance and insurance sectors because it shows they are embracing digital solutions and ready to reap the benefits.

“More than 92% describe themselves as having gone digital. That’s a figure matched only by retail and, to provide context, compares to just 46% in HR.

“In addition, 26% in insurance and finance say they are fully digitised in all areas of back-office function.”

That doesn’t mean there are not gaps still to fill, however. The survey also showed that only 34% have digitised their visitor management systems, which is increasingly important because of the pandemic, and almost half have not yet digitised their HR functions.

Antony added: “More than 68% in the sector said the pandemic has made the C-Suite in their business recognise the importance of digital transformation, and 46% are planning projects in the next 12 months to cope with the new normal.”

“There is still work to do but the good news is that digital transformation is very much on the agenda at board level in insurance and finance.”

Top Five ‘Already Gone Digital’ Sectors:

  1. Insurance and finance 92%
  2. Retail 92%
  3. Healthcare 88%
  4. Public sector 75%
  5. Transport and logistics 68%

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