Three recommendations for the European insurance sector to unlock the full potential of their digital transformation
While some digital capabilities have been around for nearly two decades,
the insurance sector has only started to adopt them in meaningful ways
over the past few years. Some of the most recent disruptions to the
industry include fully digital administration and contracting of insurances,
intelligent recognition and processing of insurance claims, and AI supported detection of fraudulent claims.
Today, most insurers understand that digitizing the business is necessary in the near future. Overall, digital investments are on the rise. And the ongoing Covid-19 situation continues to accelerate digital transformations, clearly emphasizing the need for virtual, digitally enabled collaboration among customers, employees, and business partners.
This report is based on a survey with several large European insurance companies. We have identified three key findings on the sector’s overall state of digital transformation:
For insurers, who aim at accelerating their digital transformation, we recommend three specific actions: