Fewer than 30% of the world’s top insurance carriers have successfully digitised the value chain, according to research carried out by Acord.
The 2020 Insurance Digital Maturity Survey examined the top 130 global carriers and their efforts into modernising in the digital age, with the findings providing a ‘‘clear framework’’ for identifying key issues and targeting potential improvements.
Some 13% of the study’s carriers were not leveraging digital technologies with their current business processes.
Acord also found that the companies that embraced digitisation to develop new technology-enabled operating models “outperformed” the industry, and “recognised a direct correlation between digital maturity and shareholder return”.
Chris Newman, Acord’s managing director, said: ‘‘The pace of digitization continues to accelerate throughout the industry in the U.S, London, and worldwide. With digital initiatives underway across the insurance ecosystem, stakeholders are finding that they must embrace emerging technologies to stay competitive in the global market’’
Accord CEO Bill Pieroni said: ‘‘The insurance industry is at a critical inflection point. However, there is no other industry better equipped to quickly identify, understand, and mitigate risk.
‘‘As the industry increasingly understands that failing to digitize is a known risk, and that the benefits are material, insurers will place increasing value on its importance.”