Admiral sets a high-water mark for digital maturity of insurers | Deltabase

As the UK’s leading car insurer and a global insurance group, Admiral has long invested in technology and digitalisation as a foundation for long-term growth.

In 1995 it was the first UK insurer to launch a website. In 2002 it launched confused.com as the first online insurance aggregator. Since then, Admiral has been a leader in the sector at using digital channels to engage its customers.

Deltabase recently assessed Admiral’s digital transformation (Dx) capabilities using our proprietary digital maturity framework that covers 1,000 points of assessment across the six critical factors of:

  • Strategy
  • Business model
  • Customer engagement
  • Data
  • Technology
  • People & culture

Scoring Admiral’s Digital Maturity

Our assessment was completed using some 52,000 evidence sources in publicly and commercially available datasets covering customer reviews, employee sentiment, leadership team bios, technology products, people profiles, skills, social media content, financial performance, investments and press coverage.

 

Key strengths

Our assessment found that Admiral benefits from having:

  • A newly appointed Chief Digital Officer, Steve Wilson, who joined the Admiral Executive Team from BT in March 2020 to lead the digitalisation agenda of the group.
  • Multiple implementations of UiPath and K2 robotic process automation (RPA) software to automate core back office processes, supported by an in-house automation team.
  • Admiral Labs and Confused.com Labs experiment with emerging technology to improve customer experience – recent examples include a social media-only insurer for young drivers.
  • Invested in developing in-house data talent – the Confused.com Analytics Academy trains graduates in data science and machine learning, and the group partners with Cardiff University for knowledge exchange in the field of data and analytics.

Opportunities

Whilst Admiral may be one of the more digitally mature insurance companies, there are still risks to be managed and further areas of opportunity to explore.

The prime opportunities that our assessment identified include:

  • Further bolstering in-house capabilities for cyber security including tooling and in-house skills to protect its valuable data assets and avoid costly data breaches.
  • Further embrace a culture of innovation that is progressive and embracing of new ideas, and one that empowers employees to work with freedom.
  • Establishing an approach to mitigate the ethical risks posed by use of increasingly advanced digital technology such as artificial intelligence (AI) and automated data processing.

Whilst more traditional and less digitally mature insurance companies may be sitting ducks for dis-intermediation and disruption by InsurTech start-ups and scale-ups, Admiral demonstrates that it has its finger on the pulse of digital innovation.

The combination of its innovation labs and the 2020 launch of a new product development entity, Admiral Pioneer should help increase the chance of Admiral being the disruptor rather than the disrupted.

 

Click the link below to request a complimentary copy of our 21-page Dx Briefing Pack on the digital maturity of Admiral Plc.


 

For a copy of our full 50-page Dx Intelligence Report on Admiral Plc including detailed scoring, intelligence, data analysis and opportunities; or to discuss our digital capability benchmarking for another company – please get in touch.