Table of contents:
“digital Innovations In European Insurance: Enhancing Customer Experience And Benefits” – Rapid technological developments are changing the way insurance and pension products are developed and the way consumers buy. These developments benefit businesses and consumers, but may entail certain risks.
This rapidly changing landscape brings both opportunities and challenges to supervisors. monitor the different aspects of innovation to ensure that regulatory and supervisory frameworks take into account the opportunities and risks that innovation brings.
“digital Innovations In European Insurance: Enhancing Customer Experience And Benefits”
Proactively assess these changes so that they and their members are prepared for the impact on the insurance and pensions industry.
Digitalisation And Financial Innovation
In December 2021, publish a digital transformation strategy to ensure a systematic, balanced and holistic approach to the technological transformation of the European insurance and pensions market and supervision currently in place.
In February 2022, ESA published a joint report on digital finance which responded to the European Commission’s call for advice on digital finance and related issues. This report presents ten sector-specific and two insurance-specific recommendations for action to ensure that the EU regulatory and supervisory framework remains fit for the digital age.
In the strategy, it has defined five main long-term priorities, which will guide its contribution to digitization:
Cooperate with the European Commission in the development of the financial data space, including in areas such as sustainable finance and pension data tracking systems, and also link developments such as those related to open insurance .
Top 5 Trends In The Insurance Industry
As artificial intelligence is set to play a central role in the digital transformation of the insurance and pensions market, efforts will be made to ensure the use of reliable artificial intelligence systems while ensuring financial inclusion.
Considers it important to assess the prudential framework in the perspective of digital transformation, in order to ensure that financial soundness is maintained, while further promoting supervisory convergence in the appropriate assessment of activities and risks digital.
Initially, cybersecurity and ICT resilience were identified as key policy priorities and over the following years the focus will be on implementing these priorities, including the recently adopted guidelines on cloud computing. and ICT, as well as on the implementation of the law on digital operational resilience. (DORA).
The careful assessment of each digital transformation process must take into account investments in new assets such as crypto-assets, as well as the trend towards the “platformization” of the economy and the type of activity developed by the companies. insurance.
Financial Technology (fintech): Its Uses And Impact On Our Lives
Will continue to support the development of the single market in the era of transformation, facilitate cross-border and cross-sector cooperation, support the development of innovation enablers and address the opportunities and challenges related to fragmented value chains and the platform economy.
And NKW should strive to become a digital, user-centric and data-driven organization in order to achieve its strategic objectives effectively and efficiently. The European online insurance market is segmented by type (life and non-life insurance) and by geography (Germany, France, United Kingdom, Italy and rest of Europe). Market size and forecasts are provided in terms of value (USD billion) for all segments above.
The size of the European online insurance market is estimated at EUR 101.07 billion in 2023 and is expected to reach EUR 144.35 billion in 2028, growing by 7.39% over the period. forecast (2023-2028).
In a rapidly changing business environment, exploring insurance distribution channels is becoming increasingly important for insurance companies. While going digital has become a natural process for the majority of global businesses in recent years, it has not been easy for the insurance industry.
Data & Analytics
Insurance is still sold by brokers and agents who know their customers. It’s a relationship of trust, especially when it comes to life and health insurance. In terms of premiums, more than 99% of life insurance plans are sold privately or through intermediaries. Only the last 1% is sold through other means, including via web aggregators.
Online sales have just started; Online sales are banned in Bulgaria and partially enforced in the Czech Republic due to COVID-19. More than 80-90% of Danish sales are made online. Online sales are on the rise in Estonia. Some companies only sell on the Internet. Online sales are not considered a distribution channel in their own right in France; they are included in other strings. In Croatia, around 1% of all sales are made online. Online sales of non-life products are widespread in Norway. Online sales in Turkey represent only 2.5% of GWP
With the growing popularity of price comparison sites among consumers and insurance companies, price comparison sites are engaging in partnership and acquisition activities to increase their market presence and product offerings. .
Online insurance is the ability to purchase insurance online from your home or office without visiting an agent or business. The European online insurance market is segmented by type (life and non-life insurance) and by geography (Germany, France, UK, Italy and rest of Europe). Market size and forecasts are provided in terms of value (USD billion) for all segments above.
Bringing Innovation To The Next Level
This section covers key market trends shaping the European online insurance market according to research experts:
During the COVID-19 crisis, in the insurance industry, chats and video conferences are replacing some of the traditional face-to-face interactions between customers and intermediaries. And this, even if the personal contact remains important.
While only 22% of Belgian brokerage offices use InsurTech software or apps to work more efficiently, many comparison sites help brokers develop an offer tailored to their clients’ needs.
In 2021, European insurtech funding peaked, with around €2.5 billion invested across 92 deals.
Top 9 Insurtech Influencers
The ecosystem is ripe for the average transaction size to increase from around €8m in 2020 to €28m in 2021, which is also related to mega-towers (tickets over €100m). euros) announced throughout Europe. Most were unveiled in the first half: Zego and BoughtByMany in the UK, Wefox in Germany and Alan and Shift Technologies in France. Only one thing happened in the second half of 2021: EnvelopRisk in the UK.
The report includes the major international players operating in the European online insurance market. In terms of market share, the major traditional players are working closely with technology companies to gain a competitive edge in the market being studied. However, they face fierce competition from medium and small-sized insurance companies, which are striving to revolutionize the market they are exploring by offering customized solutions. Major companies include Allianz Se, Assicurazioni Generali, Axa Sa, Munich Re, among others.
You can also buy parts of this report. Would you like to consult our spare parts price list?
The European online insurance market is expected to reach €101.07 billion by 2023 and grow at a CAGR of 7.39% to reach €144.35 billion by 2028.
Crowdpolicy Is Participating To The Infinitech International Project
Allianz SE, Assicurazioni Generali SpA, AXA SA, Munich RE and Swiss Re AG are the main companies operating in the European online insurance market.
Statistics on Europe e-Insurance market share 2023, size and revenue growth rate, generated by Mordor Intelligence™ Industry Report. Analysis of online insurance in Europe, including market outlook to 2028 and historical overview. Get this sample industry analysis as a free PDF download of the report.
Thank you for your purchase. Your payment is successful. Reports will be sent within 24-72 hours. A sales representative will contact you with the details.
Images from Mordor Intelligence can only be used with an attribution to Mordor Intelligence. Using the embed code, Mordor Intelligence creates images with attribution lines that meet this requirement.
Bolttech Acquires I Surance
Additionally, you reduce the load on your web server by using the embed code, as the image will be hosted on the global content delivery network that Mordor Intelligence uses instead of your web server. Have you tried checking the status of your insurance claim? It often takes a few phone calls, emails or even a visit to an agent to get details on the status of a claim. Lack of web presence equates to lower customer satisfaction. Today, nearly 61% of customers prefer to monitor the status of their applications using digital tools.
While some insurance companies have made significant changes due to disruptive digitalization (we covered this topic in our white paper), most companies are following suit. And the gap between modern insurtech agencies and traditional agencies is widening. The disruption caused by Haven Life is a prime example. The company reduced the application processing time from the usual 1-2 weeks to 20 minutes through the website’s online questionnaire.
In 2019, insurance companies spent nearly $225 billion on IT; in 2020, the pandemic slightly reduced their investments. However, the numbers remain low, with the complexity of existing systems only stifling innovation. According to McKinsey, nine out of ten insurance companies identify legacy software and infrastructure as barriers to digitization. As a result, big industry – which is worth $1.3 trillion in the United States – must quickly change the way it does business. It is clear that the mission of making insurance great again depends heavily on the adoption of technology.
“The modernization of the existing basic system, the new insurance exchange and the change of business model (platform and peer-to-peer) are planned for the year. They will continue to do so as the operator uses a digital strategy … Juggle with the attack of new innovations and know how to work
Germany’s Digital Health Reforms In The Covid 19 Era: Lessons And Opportunities For Other Countries
Digital transformation and customer experience, digital customer experience, customer experience in digital marketing, customer experience in insurance, customer experience in digital transformation, digital customer experience strategy, digital customer experience trends, customer experience digital transformation, benefits of customer experience, digital customer experience solutions, digital and customer experience, enhancing customer experience
