The European insurance industry is accelerating digitalization to ensure customer satisfaction and increased efficiency: a market study by ISG reveals the plans.

The European insurance industry is accelerating digitalization to ensure customer satisfaction and increased efficiency: a market study by ISG reveals the plans.

According to a report by www.it-daily.net, two-thirds of European insurance executives plan to accelerate their digitalization programs to improve both customer satisfaction and operational efficiency as the recession continues to loom. The focus is on many areas, including payment channels, cybersecurity, augmented/virtual reality and artificial intelligence. Investments are growing particularly strongly in the area of ​​artificial intelligence (AI), and the majority of those surveyed expect further increases in investment funds in this area.

The increased investment in digital technologies is intended to help overcome the biggest business challenges, namely acquiring new customers and retaining existing ones. Increases in efficiency in the area of ​​customer data management and investments in cybersecurity play an important role. Additionally, talent management is a crucial factor as insurers compete for highly qualified IT specialists.

These planned investments and the focus on digital transformation will have a far-reaching impact on the market and the insurance industry as a whole. The increasing use of AI, AR/VR technologies and improved customer data management will increase efficiency and further improve services for customers. At the same time, increasing investments in cybersecurity will help build customer trust and meet regulatory requirements. In addition, competition for IT talent will challenge the industry to attract and retain qualified employees.

The planned investments and strategic priorities will therefore change the competitive dynamics in the insurance industry and drive digitalization to meet changing customer needs.