Digital transformation of the insurance industry
The insurance industry, traditionally known as conservative, continues to face major challenges in the area of digital transformation. The study clearly shows that digital technologies and new market entrants are keeping the industry very busy.
The emergence of Generative AI in 2023 highlighted the rapid development of new technologies and forced insurance companies to adapt their processes to keep pace with changing customer requirements. Demographic change, IT skills shortages and regulation pose additional challenges.
Our study shows that insurers are positive about the future and are well positioned to translate the current challenges into strategic measures to defend or expand their market position.
Your contact
Study partner Lünendonk & Hossenfelder
Lünendonk & Hossenfelder, based in Mindelheim (Bavaria), has been analyzing the European business-to-business (B2B) services markets since 1983. The market researchers focus on the digital & IT, management consulting, auditing, tax and legal consulting, real estate services and personnel services (temporary employment, IT workforce) sectors. Many years of experience, in-depth expertise, an excellent network and, last but not least, a passion for market research and people make the company and its consultants sought-after experts for service providers, their clients and journalists.
A first insight into the most important results of the study
57% of respondents rate their level of innovative ability as high.
80% of respondents believe that the ever shorter innovation and technology cycles are very challenging.
65% of insurers want to develop completely new business models.
81% state that platforms do not yet play a role for them. Looking ahead to 2026, only 33% still assume this.
57% of insurers plan to place a much stronger focus on digital sales channels in the future.
50% of insurance companies currently see themselves in a position to automate customer interaction largely on the basis of customer data.