“The 2020 Insurer Compass” report reveals an enormous sense of urgency around the need to transform. Fully three-quarters agreed that technology is disrupting the industry, and there is unanimous agreement that digital transformation is necessary for insurers to remain competitive.

The majority of professionals surveyed understand the industry’s deficiencies and realize the need to transform the customer experience. In fact, improving the customer experience is deemed “essential” by 99% of survey participants.

Most everyone agrees on the need to transform, so why hasn’t the industry moved more quickly? Within established insurers, the most common barrier was identified as “legacy technology.” The next most common: “lack of management buy-in.”