Insurers dragging their feet on digitisation, says Acord

Acord, the standard-setting body for the insurance industry, says many of the biggest carriers are not making the most of digital technology.

Publishing its 2020 Insurance Digital Maturity Study of the world’s top 130 insurers, Acord found fewer than 30% have truly digitised their value chain while 13% are not leveraging digital technologies within their current business processes.

In addition, it said more than half of the insurers in the study were still exploring how digitisation can be applied against their business model.

Bill Pieroni, CEO of Acord said: “As the industry increasingly understands that failing to digitise is a known risk, and that the benefits are material, insurers will place increasing value on its importance.”

Chris Newman, managing director, global at Acord, added: “With digital initiatives underway across the insurance ecosystem, stakeholders are finding that they must embrace emerging technologies to stay competitive in the global market.”

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