In a just-completed survey ISG interviewed more than 200 insurance executives across Europe to get their perspectives on what needs to change for insurers to succeed.
While the European insurance industry is at its digital tipping point, many further challenges are gaining momentum: Increasing geopolitical frictions, macroeconomic constraints, margin pressures, emerging competition, climate risks and an ever-tightening regulatory environment are creating a perfect storm.
But are companies already preparing themselves appropriately? Is insurance digital transformation already on a safe track? The third edition of our annual ISG Pulse of the Insurance Industry Survey explores which priorities are actually at the top of the agenda.
Insurance Survey Core Findings
- Three-quarters of respondents expect geopolitical tensions, persistently high inflation, and the possibility of recession to have a major impact on their companies' digitization programs.
- Attracting new customers, improving customer retention and optimizing operating costs incl. vendor consolidation remain the most important initiatives for successfully meeting these challenges.
- For the first time in this survey series, the sustainability agenda assumed a place as a top five priority for insurance companies for the years to come.
- 74 % of respondents indicated they would increase outsourcing which leads to a remarkable growth in “platform based” BPO solutions and services.
- With 95 % of respondents, the overwhelming majority sees automating business processes as urgent and important for the next years.