In view of its "Insurance Day" on Thursday 23 November, the ACA has conducted a study together with the agency Vanksen to gauge the interest of Luxembourg life insurers in digitalization.
Does the life insurance industry care about the advances and opportunities offered by technological innovation? To find out, the Association of Insurance Companies (Aca) teamed up with the digital communications agency Vanksen. Together, they conducted a survey among Luxembourg life insurance distributors and the companies themselves in order to take stock of expectations and achievements.
The main conclusions of this survey will be developed this Thursday afternoon during the Aca Insurance Day at the European Convention Center in Luxembourg.
Some results speak in favor of life insurers. 76% of Luxembourg life insurers believe that there is an urgent need for them to provide tools to simplify and/or digitize the creation of the customer information file. Four out of five insurers also plan to develop tools to facilitate the work of distributors in collecting data. Finally, 62% want to offer digital means of contact when identifying a customer need.
But in this march towards digitalization, managers point to two obstacles: the cumbersome transposition of new regulations and the lack of internal resources. More than eight out of ten players believe that the regulatory burden is blocking their progress.
"The results show that life insurers are aware of the need for digitalization, that they have jumped on the bandwagon and that projects are taking shape," says Sarah Lentini, spokesperson for the ACA. She does not want to talk about delays. On the other hand, it is clear that their biggest problem is to know how to prioritize in such a vast field.
There is unanimous agreement that digital tools will increase distributor efficiency and reduce costs. And, according to the study's figures, 70% of insurance companies already offer a life insurance contract performance monitoring platform to distributors to allow them to consult their clients' contracts.
On the other hand, only one out of two (56.25%) have tools available for end-users to monitor the contract and its performance. "But they all plan to equip themselves with such a tool for end-users in the short term," the study states.
Source: : Paperjam