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Impact of digital transformation on strategy in the insurance sector

Author

Listed:
  • Misheck Musaigwa

    (University of KwaZulu-Natal)

  • Stephen Mutula

    (University of KwaZulu-Natal)

Abstract

The purpose of this research which is predicated on a qualitative case study design was to examine digital transformation in an insurance firm in Gauteng Province of South Africa with an extensive footprint throughout the country. The study aimed to gain a deeper understanding of the insurance organisation’s response to the implementation of digital transformation and how it affects the organisational strategy. Purposive sampling was adopted to select participants, who are managers and heads of departments. Data was collected through in-depth interviews. Thematic analysis was used to analyse data. The study found that the firm understands the significance of incorporating digital transformation into the strategy. The findings revealed that the firm is taking steps to incorporate digital transformation in the business strategy, however, they are not doing enough to fully address the problem of slow adoption. It was recommended that the company should fully embrace digital transformation and consider undertaking fundamental changes in the business strategy or to redefine the strategy. Key Words:digital tranformation, Digitalisation, strategy, digital strategy

Suggested Citation

  • Misheck Musaigwa & Stephen Mutula, 2022. "Impact of digital transformation on strategy in the insurance sector," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 11(4), pages 69-76, June.
    • Handle: RePEc:rbs:ijbrss:v:11:y:2022:i:4:p:69-76
    DOI: 10.20525/ijrbs.v11i4.1781
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    References listed on IDEAS

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    1. Matt, C. & Hess, Thomas & Benlian, Alexander, 2015. "Digital Transformation Strategies," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 75002, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    2. Kohtamäki, Marko & Parida, Vinit & Oghazi, Pejvak & Gebauer, Heiko & Baines, Tim, 2019. "Digital servitization business models in ecosystems: A theory of the firm," Journal of Business Research, Elsevier, vol. 104(C), pages 380-392.
    3. Christian Matt & Thomas Hess & Alexander Benlian, 2015. "Digital Transformation Strategies," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 57(5), pages 339-343, October.
    4. Kum Fai Yuen & Xueqin Wang & Fei Ma & Gunwoo Lee & Xiangyi Li, 2019. "Critical success factors of supply chain integration in container shipping: an application of resource-based view theory," Maritime Policy & Management, Taylor & Francis Journals, vol. 46(6), pages 653-668, August.
    5. Verhoef, Peter C. & Broekhuizen, Thijs & Bart, Yakov & Bhattacharya, Abhi & Qi Dong, John & Fabian, Nicolai & Haenlein, Michael, 2021. "Digital transformation: A multidisciplinary reflection and research agenda," Journal of Business Research, Elsevier, vol. 122(C), pages 889-901.
    6. Matt, C. & Hess, Thomas & Benlian, Alexander, 2015. "Digital Transformation Strategies," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 75202, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
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    Cited by:

    1. Christopher Osea & Makori Moronge, 2023. "Assessment of the Influence of Quadruple Constraint Management on Home Insurance Performance in Nairobi County, Kenya," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(3), pages 1262-1285, March.

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