Large European insurance companies are embracing industrial operating models to cut costs and improve customer service, according to a survey by global consultant Accenture.
The company surveyed senior executives at 30 of the top 100 insurers in Europe. It revealed that 92 percent of respondents see industrialisation as a high priority. All respondents expect it to be a priority in the next three years.
Half of those surveyed anticipate industrialization to bring cost reduction benefits, 25% expect improved service quality and 20% forsee better risk management.
The survey also found that the number of insurers that co-source or outsource core insurance processes such as policy management and premiums collection could triple within the next three years, from 11% to 33%.
Peter Courtney, senior executive in Accenture's insurance practice, said: “Our research shows that a dominant and growing number of leading European insurers not only recognize the importance of industrialization, but are openly embracing it.”
