Respondents look to new customer acquisition, cost optimization and outsourcing to contend with economic pressures Sustainability enters European insurers’ top-five priority list Three-quarters of European insurance industry leaders say geopolitical tensions, persistently high inflation and the threat of recession will drive their companies to accelerate their digital transformation programs in the coming year, a new survey from Information Services Group ( ISG ) (Nasdaq: III ), a leading global technology research and advisory firm, finds. The ISG “Pulse Check” survey, conducted in the third quarter of 2022, surveyed 200 business decision-makers and IT experts in the European insurance industry. Europe’s insurance companies are facing a “perfect storm“ of declining premium income, growing operating costs, emerging competition, rising climate and cyber risk and an ever-tightening regulatory environment, ISG says, forcing them to accelerate changes to their business models. “Insurance companies are investing aggressively in digitally focused business models to create more opportunities for growth,” said Anna Medkouri, ISG partner, insurance, for EMEA. “Our survey results found insurers are turning to technology solutions and partnerships in the technology sector to help achieve this goal—a trend we anticipate will continue for the foreseeable future.” Attracting new customers, improving customer retention and optimizing […]
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