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The percentage of global consumer buyers interacting with their insurers through digitized mechanisms has doubled since 2015, according to a study Wednesday from ACORD, the global standards-setting body for the insurance industry.
The organization’s 2020 Insurance Digital Maturity Study of the world’s top 130 insurers showed that 80% of such buyers interacted digitally in North America in 2020, compared with 40% in 2015, according to ACORD.
In Latin America and Bermuda, the portion of those interacting digitally rose to 72% in 2020 from 35% in 2015. In Europe, Middle East and Africa, the percentage of those interacting digitally grew to 76% from 42%; and in the Asia-Pacific region, the portion grew to 77% from 42%, the study showed.
Customer preferences are being shaped by their wider experiences, the report noted. “Consumer-buyers’ demands of the insurance industry are not shaped by the insurance industry alone,” ACORD said.
The insurers in the ACORD study represented nearly $2.3 trillion in combined premium in 2019, comprising 38% of global market share, according to ACORD.
The study included 53 insurers domiciled in North America with gross written premiums of $650 billion; 11 from Latin America and Bermuda with $84 billion in GWP; 41 from Europe, Middle East and Africa with $878 billion in gross premium; and 25 from Asia-Pacific with $735 billion in premium, data from the report showed.
“The pace of digitization continues to accelerate throughout the industry in the U.S., London, and worldwide,” Chris Newman, ACORD’s managing director, global, said in a statement released with the study.
Despite the gains, however, ACORD noted that “Among the top 130 worldwide insurers, fewer than 30% have truly digitized the value chain while 13% are not leveraging digital technologies within their current business processes.”
The ACORD 2020 Insurance Digital Maturity Study is the fourth edition of this annual study, and includes data and insights current as of July 2020, according to the statement.
ACORD, the Association for Cooperative Operations Research and Development, said Monday it has released the industry’s first standard for cyber data breaches.