- March 2023
March 2023
The BearingPoint Digital Leaders Study assessed the digital maturity of 66 leading European insurance companies across eight countries and over 200 criteria in the four dimensions of digital marketing, digital product experience, e-commerce, and e-CRM. Overall, the insurance industry ranked third in the industry ranking – let's zoom in on the results.
Insurance companies still have room for improvement to become digital leaders, which requires several competencies, especially in e-commerce and e-CRM, which translate into customer-centric service. The following charts provide a selection of insights into the insurance industry.
Digital Marketing
Although insurers advertise and communicate with customers on social media, the industry is not taking advantage of technologies like chatbots and AR/VR.
E-Commerce
Few insurance companies offer the bundling of products or cross-selling and upselling. Some insurers already offer proactive support via self-starting chat services.
E-CRM
While more and more insurers offer self-service to customers, there is room for improvement in response times.
Digital Product Experience
Apps are available for over half the insurance companies. Though online search functions produce relevant results for 73% of insurers, the search results are personalized and targeted at only 20%.
Digital leadership requires personalization, customer centricity, innovation delivery, and linking data and technology while addressing real-world challenges. We found that digital-leading companies take the following actions:
- Put customers at the center of value propositions
- Generate positive emotional responses in all customer interactions
- Deliver value with an advanced technology suite that synchronizes activities and leverages data centricity
- Innovate throughout the ecosystem
- Integrate ethics, sustainability, and a broad worldview in day-to-day activities
Our report explores how you can take these actions to achieve success for your business: BearingPoint Digital Leaders Study 2022.
Do you want to know how your company performed? Get in touch!
