Itello Pulse Survey
Over the last couple of years, the insurance industry has been among the most disrupted sectors, seeing change on all fronts; accelerated digitalization driven by higher consumer expectations and need for business agility and efficiency, while subject to continuously updated laws and regulations. On top of that, 2020 has been the year of pandemics and disruption for most industries worldwide, bringing times of monumental challenge.
As the insurance industry race to adapt to these challenges, we wanted to check the pulse of the industry and explore what keeps our customers and prospects up at night and what specific challenges and opportunities they are facing.
The Pulse Survey was sent to 1 400 recipients working in the Life & Pension industry in Sweden, Norway and Finland.
This is what keeps them up at night:
Transforming and improving existing business is the number one and main concern that keeps insurers up at night, followed by regulatory and compliance issues.
What are the biggest challenges?
The biggest challenge is finding new efficiencies, followed by finding new employees.
Which key elements are the most important?
The most important key elements are transforming operating platforms through collaborative initiatives and ecosystems, followed by designing services and solutions rather than products.
What will be the main focus during 2021?
The focus during 2021 is to upgrade technology capabilities, followed by meeting evolving customer needs and preferences.