How can insurers survive and thrive in this new digital era? In a just-completed survey sponsored by Hexaware Technologies, ISG interviewed more than 200 insurance and technology ecosystem executives across Europe to get their perspectives on what needs to change for insurers to succeed.
The European insurance industry is at its digital tipping point. The rise of millennial buyers, emerging competition, margin pressures, and a tightening regulatory environment have come together to create a perfect storm. What we’re seeing here is a ”survival of the fittest” situation; only agile, data-driven, and digitally enabled insurers will survive in the coming years.
But are companies already working on the right issues? Is insurance digital transformation already on a safe track? The second edition of our annual ISG Pulse of the Insurance Industry Survey explores which priorities are actually at the top of the agenda. Our discussions ranged from managing customer centricity to the emergence of hyperscalers, to competing for data, optimizing internal operations, and building the insurance industry of the future.
- Nine of 10 respondents say improving customer experience is the most important driver of their digital transformation efforts
- Expanding their platform business tops the list of priorities for insurers
- The most often cited benefits of digitalization are cost savings and greater process efficiency
- Insurers’ biggest digitalization concern is increasing vulnerability to cyber attacks
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About the authors
Johanna von Geyr
Johanna is a market leader in Transformation Management with more than 10 years’ experience in consulting services. Within complex transformation programs of all sizes, she has a proven track record in a number of industries and outsourcing programs. From strategy to the point of implementation, Johanna has worked successfully with both national and international clients, with a track record to achieve the best results for them.
Bharti Nagraj is a Research Specialist with ISG Research.
Amit has close to 14 years of experience in research and strategy across various industries and geographies. He specializes in building research for service providers that help them manage projects to maximize revenue and improve operational efficiency. For Momentum Research, Amit leads the overall delivery of reports, data and workshops and is responsible for the market data and provides meaningful insights and information to clients through secondary and primary research. He focuses on building relationships with various stakeholders, managing and motivating teams and driving various organization-wide initiatives like corporate social responsibility efforts and knowledge-sharing sessions. Amit has led location-assessment studies, market-sizing analyses, go-to-market strategies, insourcing versus outsourcing comparisons, account planning, industry trend analyses and perception studies.
Frank Heuer is a Senior Advisor at ISG Germany. His main areas of coverage include the digital workspace, communications, social business & collaboration, cloud computing with a special focus on workspace/unified communications & collaboration as a service, and security.
The focus of his work is on advising ICT providers on strategic and operational marketing and sales issues. Mr. Heuer act as speaker on conferences and in web casts and is a member of the IDG expert network.