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
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- 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.
As ISG-partner, Anna Medkouri is responsible for ISG's insurance business in Europe, the Middle East and Africa. Her work focuses on digital and IT strategy, IT portfolio management, application strategy and transformation, cloud adoption and development of target operating models.
Joachim Ullerich is a Director in the EMEA Insurance Practice at ISG. He is responsible for business development and relationship management with our clients in this sector. Based on his deep understanding and experience in the insurance industry, his focus is on IT-enabled business transformation, which includes the conception and implementation of complex application systems, project management for transformation and migration projects, as well as the development of target operating models with special consideration of sourcing options to internal and external partners both locally and globally.
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.
Florian Scheibmayr is the Lead Analyst for Contact Center —Customer Experience studies. He has been working in the technology industry for almost three decades. Florian is responsible for authoring quadrant reports around Contact Center and Customer Experience, Contact Center-as-a-Service market. Besides this Florian helps Brazilian TGT / ISG’s clients with their IT strategy, service provider selection, contracts negotiation, etc. He also works with TGT advisors and clients' requests for strategic Projects in the Digital transformation and Process optimization domain, across several industries, predominantly in Telecom & media, financial services, retail, and utility sectors.
Bharti Nagraj is a Research Specialist with ISG Research.