Recently Accenture conducted a highly anticipated new survey of insurers across Europe looking at how insurers are achieving high performance in the Digital age. Since the results are in, and they are highly significant for insurers everywhere, we would like to explore some of the conclusions in my series of blog posts; kicking off with the burning question: Why are insurers committed to digital transformation?
On the whole, the shift to digital is inevitable for insurers and our study reveals that the industry is investing heavily to transform itself. Seventy-eight percent of executives expect their companies will increase investment within the forthcoming three years. These investments in digital are substantial: €51 million over three years for multi-line insurers, €30 million for P&C insurers and €21 million for life insurers. This compares to the €16 million insurers plan to spend on claims over the next three years. Big numbers indeed.
The commitment of insurers is driven by a very solid business case: there is a big prize at stake. On the revenue side, insurers expect new premium income from digital channels to more than double between 2012 and 2016, rising from €12 billion to approximately €25 billion. That’s a staggering 110.5 percent growth! Read the rest of this entry »Read the full article