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Digital Adoption in the Insurance Sector
Report

Digital Adoption in the Insurance Sector

From Ambition to Reality?

The Economist Intelligence Unit
EIU, 2015
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Editorial Rating

8

Qualities

  • Innovative

Recommendation

For all the advertising slogans touting their benevolent intentions, insurers find it difficult to break through the skepticism of a wary public. Smartphones, Fitbits and Facebook accounts present the latest challenge, creating terabytes of risk data that savvy insurers could analyze and model. But will people let the insurance industry use this information? That’s a question that this cogent report by the Economist Intelligence Unit raises but never quite answers. Nonetheless, getAbstract recommends this timely study to policyholders and insurance executives.

Take-Aways

  • Many insurers have been slow to adapt to new technologies: A 2013 survey found that only 43% could offer online quotes, and just 23% could handle claims digitally.
  • Yet companies such as Aviva, AXA and Allstate are embracing innovation through partnerships, branding and “innovation labs.”
  • For insurance companies, going digital presents a challenge as well as an advantage: Conversion rates for digital leads can be more than twice those for traditional leads.

About the Author

The Economist Intelligence Unit is an independent research and analysis organization.

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