Digital transformation in emerging markets challenges conventional assumptions about business model innovation in financial services. While digital capabilities enable new value creation mechanisms, emerging market contexts reveal complex dynamics where local constraints often frustrate traditional transformation approaches. This tension is particularly evident in African insurance markets, where digital-first InsurTechs and traditional insurers pursue dramatically different approaches to market innovation. Through analysis of customer reviews across four major insurers, this chapter examines how different approaches to digital transformation shape value creation and capture. The findings reveal distinct patterns in how traditional and digital-first business models achieve varying levels of success across market contexts. This chapter develops a framework explaining how business model effectiveness in emerging markets depends on three interrelated factors: resource integration architecture, market context alignment, and service complexity matching. This framework advances business model innovation theory by revealing how emerging market conditions shape digital transformation success, while extending service-dominant logic by demonstrating how resource integration patterns evolve when traditional service models confront digital alternatives in resource-constrained markets. For practitioners, the findings provide actionable insights into business model design for emerging markets, offering guidance for optimizing digital transformation initiatives in challenging market conditions.