Thanks to huge advances made in technology, the global insurance industry is confronting the biggest challenges and opportunities in its history. The way and pace with which the most nimble of insurers now use data, engage with customers, and launch new products has developed dramatically in a relatively short space of time.
On one side, incumbents are faced with the threat of disruption and loss of market share to more agile competitors – a threat which is combined with fear of the cost and effort of upgrading systems only to find the technology is quickly obsolete.
On the other side, huge opportunities are within insurers’ grasps – opportunities to become more relevant, to better serve customers, and to grow more cost-effectively – but to achieve this, they must be powered by the right technologies. Currently, and despite the best of intentions, there is no competitive advantage to much of the technology being used by insurers.
This report reflects an independent survey commissioned by Duck Creek Technologies of current attitudes to technology and future trends, including specific views on cloud software as-a-service (SaaS) platforms, among leading European insurance businesses.