scholarly journals How digitalization affects insurance companies: overview and use cases of digital technologies

2020 ◽  
Author(s):  
Christian Eckert ◽  
Katrin Osterrieder
Keyword(s):  
Business Models ◽  
Insurance Industry ◽  
Digital Technologies ◽  
Digital Transformation ◽  
Use Cases ◽  
Insurance Companies ◽  
Comprehensive Overview ◽  
Industry Studies ◽  
Digital Strategy ◽  
It Departments

Abstract The digital transformation is of increasing relevance for insurance companies’ business models. It leads to opportunities as well as challenges, especially for IT departments as core enablers or preventers. Against this background, the aim of this paper is to provide a comprehensive overview of digital technologies (e.g., artificial intelligence, cloud computing) and the resulting use cases for the insurance industry. To this end, we conduct a review of academic articles, industry studies and publications of the supervisory authorities. We point to the resulting requirements for an insurer’s IT and find many interdependencies between the digital technologies. Our results therefore emphasize the importance of a holistic digital strategy.

scholarly journals The status quo of digital transformation in insurance sales: an empirical analysis of the german insurance industry

2021 ◽  
Author(s):  
Christian Eckert ◽  
Johanna Eckert ◽  
Armin Zitzmann
Keyword(s):  
Empirical Analysis ◽  
Insurance Industry ◽  
Digital Technologies ◽  
Status Quo ◽  
Digital Transformation ◽  
Social Classes ◽  
Insurance Companies ◽  
Recommendations For Action ◽  
The Status ◽  
The Impact

AbstractIn this paper, we focus on the impact of digital transformation on traditional ways to sell insurance products. Our goal is to investigate how widespread the use of digital technologies in insurance sales is and which values of these digital technologies are perceived by insurance intermediaries. Moreover, we aim to analyze underlying influencing factors in this regard. We conducted a survey in July 2020, i.e., after the first wave of COVID-19, in which 671 exclusive agents from various insurance companies, independent agents and independent brokers from Germany participated. Our results show that even at this point of time, in a high proportion of sales workforces, digital transformation is not yet very advanced. Further analyses show that exclusive agents and younger people are further ahead in digital transformation even though COVID-19 pushes digital life across all ages and social classes. Based on our results, we derive initial recommendations for action for the insurer.

scholarly journals Blessing or curse: Does digitalization foster business model innovation? Evidence from a quantitative empirical study

2020 ◽  
Vol 1 (2) ◽  
pp. 44-65
Author(s):  
Patrick Ulrich ◽  
Alexandra Fibitz
Keyword(s):  
Empirical Study ◽  
Business Model ◽  
Quantitative Study ◽  
Business Models ◽  
Digital Technologies ◽  
Business Model Innovation ◽  
Digital Transformation ◽  
Business World ◽  
Digital Strategy ◽  
The Relationship

This study analyses whether and how digital transformation affects business models. Digitalization influences businesses regardless of size, industry, and structure. Thus, companies are often forced to rethink their value architecture in order to remain competitive and not vanish from the business world. Therefore, deepening the understanding of the relationship between digitalization and business models is of utmost importance for both practice and academia. We examine the interdependencies of the utilization of digital technologies and the execution of a digital strategy on business model innovation, and the extent to which the digitalization level is influencing this relation. Furthermore, we depict the results from a quantitative study among a sample of 166 German companies. The results indicate that business model innovation is positively influenced by a higher pursuit of digital technologies and the adoption of certain digital strategies. The digitalization cluster further stresses the importance of digital actions for the companies’ sustainability.

Emerging trends in digital transformation: a bibliometric analysis

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Raghu Nandan Chawla ◽  
Praveen Goyal
Keyword(s):  
Bibliometric Analysis ◽  
Business Models ◽  
Digital Technologies ◽  
Citation Network ◽  
Digital Transformation ◽  
Intellectual Structure ◽  
Future Research ◽  
Strategic Decisions ◽  
Content Type ◽  
Research Areas

PurposeUbiquitous digital technologies are driving organisations to embrace non-traditional digitally transformed business models incessantly. Heterogeneous literature contributions have resulted in a spur in the research related to business transformation driven by digital technologies in recent years; consequently, the research under the digital transformation (DT), even though becoming a hotspot, remains very fragmented. The authors endeavour to holistically present the literature's intellectual structure under DT as a concept, its evolving journey and the emerging research streams in the business and management domains using the techniques of bibliometric analysis.Design/methodology/approachBy performing bibliometric analysis on 234 research articles published over the last 20 years in the DT domain, retrieved from Thompson Reuters Web of Science TM, this study culls out thorough insights from the citation, co-citation and keyword analysis. Further emerging research streams were evaluated using VOSviewer software.FindingsThe study depicts an overall incremental trend of year-on-year publications, authors' performance, publication journals, associated institutions and research driving countries, along with key insights from co-citation network analysis. Furthermore, the study evaluates four research areas – organisational impacts, applied applications and insights, operational processes and social aspects, comprising eighteen research streams that comprehensively cover-up research under the DT domain.Research limitations/implicationsThe study contributes to the literature of DT by amalgamating the status of the present research, but more importantly, by deriving the research areas and research streams, which can be further expanded by researchers as future research streams.Practical implicationsFor the practitioners, the study aims to act as a ready reckoner repository with practice-oriented literature references to facilitate them building knowledge and taking effective strategic decisions to harness the benefits of DT more proficiently.Originality/valueThis study illustrates the bibliometric structure of the DT literature and presents insights from the growth of the literature year-on-year.

Unveiling The Internal Forces Towards Digital Adaptation: A Change Perspective of Malaysian SMES

2021 ◽  
Vol 12 (1) ◽  
pp. 126-126
Author(s):  
Fariza Hanim Rusly ◽  
Yurita Yakimin Abdul Talib ◽  
Muhammad Rosni Amir Hussin Hafizah Abdul Mutalib
Keyword(s):  
Human Resources ◽  
Change Management ◽  
Information Flow ◽  
Value Creation ◽  
New Technologies ◽  
Digital Technologies ◽  
Digital Transformation ◽  
Firm Structure ◽  
Internal Forces ◽  
Digital Strategy

Digital transformation, one of the key areas of change management in the digital age, is defined as a process of changes by the means of using IR technologies in firm's operation. The extant literature suggests that implementation of digital technologies could improve communication, information flow, thus contributing towards value creation and firm performance. Notwithstanding of scarce financial, human resources and strategic capabilities to adopt new technologies among SMEs (Lee et al., 2020), the firm structure, which is more flexible as compared to large firms, offers opportunity in terms of quick decision making (Ghobakhloo & Ching, 2019) for the owner to adapt the firm's business model with market changes and implement necessary changes to sustain in the business. Moreover, previous studies indicate SMEs gained benefit from technology adoption. Nevertheless, transformation towards digitalisation requires a considerable judgement of decision, investment and effort by management and among the employees. Keywords: Digitalisation,Digital Transformation, Digital Strategy, SME, Change Management

scholarly journals ESTIMATION OF BUSINESS VALUE AS AN ELEMENT OF FORMATION OF BUSINESS MODELS OF INDUSTRIAL ENTERPRISES AND AGRICULTURAL COMPLEX IN THE CONDITIONS OF DIGITALIZATION OF THE ECONOMY

2020 ◽  
Author(s):  
Maksym Odnorog ◽  
◽  
Mykhailo Pivtorak ◽  
Oksana Zagorodniuk ◽  
◽  
...  
Keyword(s):  
Best Practices ◽  
Business Models ◽  
Business Processes ◽  
New Technologies ◽  
Digital Technologies ◽  
Economic Security ◽  
Digital Transformation ◽  
Enterprise Management ◽  
Industrial Enterprises ◽  
Digital Management

To date, digital technologies and their widespread practice have formed the potential for completely new business models. However, most organizations are either in the early stages of the digital transformation process, or do not yet dare to form a digital business model that will provide real benefits from digital technologies. In any case, taking into account the enormous pace of global digitalization, it is extremely important to adapt the best practices of digital transformation to the improvement of the Ukrainian economy as soon as possible. Based on this, consider the process of researching new and adapting existing management models. Digital transformation – the introduction of modern technologies to radically change the business models of enterprise management today is considered the most important topic for organizations around the world. The requirements of the new digital economy represent the digital transformation as a conscious strategic process of business modification through adaptive management and implementation of digital technologies, ie the restructuring of existing business models. The same happens at industrial and agro-industrial enterprises, the analog period of which is coming to an end. Industries are entering the digital age, thanks to which enterprises are developing in accordance with the new focus. For this reason, it is very important for the formation of digital models of enterprise management to strategically understand the possibilities of digital technology development in their connection with business processes and business models. The analysis of the main traditional models of effective management of enterprises was carried out and their fundamental differences from the Ukrainian approach to management were revealed, the possibilities of implementation of the principles of existing business models by Ukrainian enterprises were considered. In addition, a roadmap for the transition from a traditional to a digital enterprise was proposed for consideration. The process of modeling the digital management system of the enterprise is revealed. Currently, a prerequisite for the prosperity of the economy of industry and agriculture and, consequently, the economy of Ukraine, is adaptive digital management as a basis for economic security of the enterprise. It was found that the relentless introduction of digital technologies, «copying best practices» can later be in reality as dangerous as the refusal to master new technologies. Therefore, choosing the direction of your own digitization, you must first study everything thoroughly, so as not to miss the moment and not to remain in the ranks of the latter or in the past.

scholarly journals Legacy Digital Transformation: TCO and ROI Analysis

2021 ◽  
Vol 12 (3) ◽  
pp. 163-170
Author(s):  
Ravi Kiran Mallidi ◽  
Manmohan Sharma ◽  
Jagjit Singh
Keyword(s):  
Return On Investment ◽  
Business Models ◽  
Business Processes ◽  
Digital Technologies ◽  
Digital Transformation ◽  
Digital World ◽  
New Business ◽  
Core Elements ◽  
Business Needs ◽  
Security Organizations

Legacy Digital Transformation is modernizing or migrating systems from non-digital or older digital technology to newer digital technologies. Digitalization is essential for information reading, processing, transforming, and storing. Social media, Cloud, and analytics are the major technologies in today's digital world. Digitalization (business process) and Digital Transformation (the effect) are the core elements of newer global policies and processes. Recent COVID pandemic situation, Organizations are willing to digitalize their environment without losing business. Digital technologies help to improve their capabilities to transform processes that intern promote new business models. Applications cannot remain static and should modernize to meet the evolving business and technology needs. Business needs time to market, Agility, and reduce technical debt. Technology needs consist of APIs, better Security, Portability, Scalability, Cloud support, Deployment, Automation, and Integration. This paper elaborates different transformation/modernization approaches for Legacy systems written in very long or End of Life (EOL) systems to newer digital technologies to serve the business needs. EOL impacts application production, supportability, compliance, and security. Organizations spend money and resources on Digital Transformation for considering Investment versus Return on Investment, Agility of the System, and improved business processes. Migration and Modernization are critical for any Legacy Digital Transformation. Management takes decisions to proceed with Digital Transformation for considering Total Cost Ownership (TCO) and Return on Investment (ROI) of the program. The paper also includes a TCO-ROI calculator for Transformation from Legacy / Monolithic to new architectures like Microservices.

How to Monetize Data

2021 ◽  
pp. 95-104
Author(s):  
Lokke Moerel
Keyword(s):  
Corporate Governance ◽  
Business Models ◽  
Ethical Dilemmas ◽  
Digital Technologies ◽  
Digital Transformation ◽  
The Road

This chapter is a continuation of the preceding chapter, where the author discussed the obstacles encountered by established companies when wishing to transform their business models and provides suggestions for improvement of their corporate governance to better navigate the digital transformation. In this chapter, the author provides practical rules of the road for how established companies can monetize their data including some pitfalls for established companies and discusses a number of ethical dilemmas that companies have encountered in practice when implementing new digital technologies and services.

An Open Innovation Lens on the Digital Transformation Frontiers

2020 ◽  
pp. 83-104
Author(s):  
Maryia Zaitsava ◽  
Elona Marku ◽  
Manuel Castriotta
Keyword(s):  
Open Innovation ◽  
Digital Technologies ◽  
Research Area ◽  
Digital Transformation ◽  
Intellectual Structure ◽  
Comprehensive Overview ◽  
Main Research ◽  
Research Fields ◽  
Digital Era ◽  
Research Findings

The aim of the present study is to explore Digital Transformation frontiers using the lens of Open Innovation. By implementing bibliographic coupling method, the authors bring together segmental publications from different research fields and provide a comprehensive overview of the combined Open Innovation and Digital Transformation field's intellectual structure, revealing the different groups of thoughts, influential authors, and pressing topics. The research findings illustrate, the research area has polycentric composition with absence of overlaps between articles. Five main research groups are identified: Co-evolution of Digital Technologies and Open Innovation; Digital Peer-communities; Digital Ecosystems; Knowledge Management in the Open and Digital Era; and Open Innovation, Digital Technologies, and Businesses Performance. The current research contributes both Open Innovation and Digital Transformation fields by cross-exploring each phenomenon and revealing how Digital Transformation shapes the nature of innovation as a collaborative activity as part of an independent research area.

scholarly journals Digital transformation: harnessing digital technologies for the next generation of services

2019 ◽  
Vol 33 (4) ◽  
pp. 429-435 ◽  
Author(s):  
Mohamed Zaki
Keyword(s):  
Business Models ◽  
Digital Technologies ◽  
Customer Experience ◽  
Digital Transformation ◽  
Data Driven ◽  
Next Generation ◽  
Content Type ◽  
New Business ◽  
Market Opportunities ◽  
New Business Models

Purpose The purpose of this paper is to discuss digital transformation and its four trajectories – digital technology, digital strategy, customer experience and data-driven business models – that could shape the next generation of services. This includes a discussion on whether both the market and organizations are all ready for the digital change and what are the opportunities that will enable firms to create and capture value though new business models. Design/methodology/approach Providing services is a proven and effective way to secure a competitive position, deliver long-term stable revenues and open up new market opportunities. However, it is also clear that some organisations are struggling to digitally transform. Therefore, the commentary provides a brief insight into how firms explore the possibilities of digital transformation and navigate these uncharted waters. Findings Today’s digital technologies affect the organisation outside and in, enabling the creation of new business models and transforming the customer experience. The incumbents are acutely aware that they need to transform strategically – to build new networks and value chains. Originality/value This commentary extends earlier work exploring the digital disruption within services to highlight a number of connected areas: the challenges and opportunities of digital transformation at a strategic level, as well as understanding and enhancing the customer experience and seeing how new data-driven business models can underpin service transformation.

Digital Transformation

2021 ◽  
pp. 16-31
Author(s):  
Chandra Sekhar Patro ◽  
K. Madhu Kishore Raghunath
Keyword(s):  
Business Models ◽  
Digital Technologies ◽  
Digital Transformation ◽  
Product Reviews ◽  
Business Units ◽  
New Business ◽  
Modern Business ◽  
Business Enterprises ◽  
High Level ◽  
Effective Use

Digital transformation and innovative business models are enabling a high level of competition among business enterprises. The worldwide adoption of the internet and an increasing number of associated technologies have strengthened the digital transformation. Digital technologies allow the customers to co-create value by designing and customizing products, perform last-mile distribution activities, and help other customers by sharing product reviews. Digital transformation is an enterprise-wide phenomenon that leads to the development of new business. This is intrinsically linked to strategic changes in the business model as a result of the implementation of digital technologies models, which may be new to the focal business units or industry. The chapter articulates the influence of digital transformation on the performance of business enterprises in the competitive environment. It analyzes the barriers to the effective use of digital technologies and also the digital transference initiatives of modern business enterprises.

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