90% of European insurers’ operating models do not support future business needs

Written by Adam Cadle

18/10/1

Ninety per cent of European insurers’ current operating models do not support future business needs, according to a new report by Clearwater Analytics.

The report, The Digital Promise: Operational Challenges, Approaches, and Progress for European Insurers, said insurers believe the key constraints over the past three years to be inadequate infrastructure, scalability, and supportability.

Ninety-eight percent of European insurers agreed that a digital data strategy is the top priority to creating a competitive advantage for future success.

Furthermore, 100% of respondents see the cost of IT increasing over the next three years. Most insurers are moving from on-prem to cloud-based technology for investment management and accounting and anticipate using managed services to free teams to focus on product innovation and growth.

“Insurers that embrace a new digital operations model and access trusted data can rewrite their future,” said Josef Sommeregger, head of DACH at Clearwater Analytics. “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.”

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