90% of insurers are said to be at a disadvantage with current operating models, with the belief being that they do not support future business needs.
A new report from Clearwater Analytics, a provider of SaaS-based investment management, accounting, reporting, and analytics solutions, highlights how European insurers are facing major challenges and opportunities in the era of digital transformation.
In a clean sweep, 100% of respondents said that they see the cost of IT increasing over the next three years.
At the same time, a staggering 98% of European insurers agreed that a digital data strategy is the top priority to creating a competitive advantage for future success.
Interestingly, the report also shows that the majority of insurers are moving from on-prem to cloud-based technology for investment management and accounting. It is also anticipated that they will begin to use managed services to free teams to focus on product innovation and growth.
Josef Sommeregger, Head of DACH at Clearwater Analytics, said: “Insurers that embrace a new digital operations model and access trusted data can rewrite their future. As such, finding the right partner and solution becomes crucial. The report succinctly underscores the path to operational excellence: a unified platform that consolidates, aggregates, reconciles and reports on all your investment data in a single place, enabling unprecedented enterprise visibility and decision support.
“To gain a clear advantage and leave behind legacy on-prem systems, choosing a SaaS-based data management solution is a clear way to reduce costs, while maintaining clear control and oversight of critical investment management and accounting functions.”
Clearwater’s report was conducted with specialist consultancy firm Sionic.
Sionic conducted the survey in September 2023 receiving responses from both C-Level and Heads of insurance professionals in operational decision-making roles across a broad range of European insurers.
