European Insurers Expect Major Changes Due to COVID-19 - Seite 2

European insurance providers believe their competitiveness depends on improved and simplified customer experiences, according to the survey. More than three quarters of those responding rate improve customer experience as important, while more than 74 percent also see automation and digitization as important.

More than 60 percent want to invest in digital customer experience technologies, and more than half want to invest in cloud transformation technologies. Meanwhile, nearly half want to invest in data analytics, machine learning, or artificial intelligence.

In addition, half of those responding rated stability of operations as important. Cost savings, meanwhile, was seen as a priority by only a quarter of those surveyed.

While those surveyed expect major changes because of the COVID-19 crisis, most expect traditional sales channels to remain in place. In Europe, more than half of all insurance policies are currently sold through insurance agents, and about 84 percent of those surveyed believe their companies will continue to sell through multiple channels. Only 16 percent expect a significant push toward direct insurance sales.

As part of its survey, conducted in collaboration with Infosys, ISG interviewed 290 decision-makers with insurance companies from six European countries in late May and early June.

The full report, “COVID-19 Pulse Check: State of the EMEA Insurance Industry,” is available for download here. ISG Research subscribers may access the report on this webpage.

About ISG

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

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