Insurer Digital Interactions Double Since 2015: ACORD
Since 2015, the percentage of global consumer buyers interacting with their insurers through digitized mechanisms has doubled, according to ACORD’s 2020 Insurance Digital Maturity Study. The study of the world’s top 130 insurers showed that 80 percent of such buyers interacted digitally in North America in 2020, compared with 40 percent in 2015.
In Latin America and Bermuda, the portion of those interacting digitally rose to 72 percent in 2020 from 35 percent in 2015. In Europe, the Middle East, and Africa, the percentage of those interacting digitally grew to 76 percent from 42 percent, and in the Asia-Pacific region, the portion grew to 77 percent from 42 percent, the study shows.
Chris Newman, ACORD’s Managing Director, says, “The pace of digitization continues to accelerate throughout the industry in the United States, London, and worldwide.” However, despite these gains, ACORD notes that “among the top 130 worldwide insurers, fewer than 30 percent have truly digitized the value chain, while 13 percent are not leveraging digital technologies within their current business processes.”