Digital transformation a top concern of insurers
Flaspöhler, part of NMG Consulting, conducts an annual, global survey of brokers and insurance executives to illustrate reinsurers’ competitive positioning and concerns. Here, we reveal the top challenges for insurance executives in EMEA.
As part of its most recent study, Flaspöhler | NMG Consulting asked insurance executives across Europe, the Middle East and Africa (EMEA) to provide their view of the ‘greatest challenges’ facing their industry (and their organisations) today.
“Digital transformation emerged as the leading challenge for insurers in the mature markets of continental Europe, and particularly in Germany, France and Spain,” said Rick Flaspöhler, partner and co-author of the research. “Insurers in these markets appear to be ahead of the curve in digesting the reality of a more digital future.
“The backdrop of concerns relating to ‘excess capacity’ and ‘falling prices’ was—unsurprisingly—prominent, although at levels below those currently seen in the US, Canada and Asia. Brexit was mentioned as a concern by UK insurers, although concern about excess capacity and regulation dominated.
“Concerns relating to the performance of eurozone economies, captured as ‘general economic outlook’, were noticeable compared to other regions (excepting Latin America, where these concerns were strongly voiced in the markets of Brazil and Argentina).
“‘Innovation’ in response to changing and highly competitive markets was mentioned by many insurers as were both the limitations imposed by legacy technologies, and the opportunities presented by new innovative technologies.”
It would appear that technology itself is set to be a leading source of competitive advantage in Europe.
The word cloud shown below provides a unique high-altitude perspective, that draws out common themes in an aesthetic which is easy to digest. The more often a word/phrase is used by respondents, the larger it appears in the cloud.
And while word clouds can never provide the statistical accuracy of coded and counted responses, they can illustrate subtle differences between answers of similar but different responses, as well as provide helpful insights into the overall tone of responses.
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