Digitalisation in the insurance industry

Insurance companies that evolve into data-driven organisations in the course of digital transformation benefit from more efficient business processes, flexibility and competitiveness. Generative AI (GenAI) plays a key role in this, as it is able to analyse large amounts of data, recognise patterns and generate new data and innovative solutions. This opens up considerable growth potential, particularly through customer-centric AI-based systems.

The insurance industry faces numerous challenges when it comes to aligning products and processes with customer needs: Complex IT architectures, systems that are sometimes decades old and reliable, but not as flexible as is expected today. And then, of course, the realisation that there is no such thing as "THE customer" - different types, generations and expectations lead to different requirements for the customer experience.

ocial change and competitive pressure lead to strict requirements for insurance companies. Customers want their claims to be processed as quickly as possible, and in the wake of the pandemic, employees expect flexible working models with a high percentage of remote work. This drives the digitalisation of collaboration forward.

Digitalisation presents companies with the challenge of having to provide customer-oriented services in ever shorter time intervals - and to do so with increasing quality requirements and at competitive prices. This development also affects the health sector and thus private health insurance (PHI). In addition, not only the market is changing, but also the demands of the insured on their private health insurance.

Digitalisation has changed customers' expectations: they want to be able to buy insurance anytime, anywhere. However, today's insurers' IT systems often fail to reflect these changes. Modern technologies offer new solutions to transform outdated systems and processes and make them future-proof. Our experts have many years of experience supporting insurance companies as a strong partner in complex modernisation projects.

Man-made climate change is real and can already be felt today. Therefore, we must act - now more urgently than ever before. Sustainable action to protect the environment and conserve resources is essential and is increasingly becoming the focus of people, companies and politics.

The resulting changes also require far-reaching adjustments in the insurance industry.