Special Report: The European Insurer’s Digital Transformation Journey
The insurance has undergone a sweeping digital transformation in recent years. Driven by the need to improve customer experience, seek operational efficiencies and adapt to evolving consumer demands, the tech stacks of insurers have matured and, in some cases, been overhauled altogether.
But with the insurance market more competitive than ever, and Insurtech start-ups snapping at their heels, it’s imperative that digital transformation projects are managed adeptly.
With expert commentary from:
Check out some of the key findings below:
- AI Dominates Roadmaps: AI, especially generative AI, is the primary focus for future technology investments among European insurers, signaling a shift in digital transformation strategies.
- Customer Experience Focus: Insurers expect generative AI to significantly improve customer experience, with applications in chatbots and customer interfaces.
- Adoption Lag: European insurers may be lagging behind global counterparts in adopting generative AI, potentially leading to a competitive disadvantage.
Check out a snippet of the report below…
Data Analytics and Automation have been key technology investments
Technology procurement trends, as figure 1 shows, have largely been comparative for insurers based in Europe and those headquartered elsewhere globally. The most popular destinations for investment over the past 12 months have been data analytics and automation, driven by the need to streamline and automate particular functions such as claims processing.
This is the third consecutive year that data analytics and automation have been among the frontrunning technologies investment within our Technology Benchmarking Survey. As a result, we’d therefore consider these tools pivotal to the digital transformations insurers are continuing to undergo.
At the bottom end of our scale is payment technologies. Having been identified as a technology of interest by 44% of survey respondents in 2023, this year’s survey sees that share fall to just over 37% across our entire sample, and 27% of respondents based in Europe. This continuing decline is evidence of payment technologies being deprioritized, either because those technologies have already been implemented or because others have simply risen further up the priority list based on their expected outcomes.
One interesting technology of note here is generative AI. Despite its relative infancy as a technology, around half of respondents have indicated that their organization is already using it.
I hope you find the insights useful!
Kind regards,
Emma
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