Insurance Technology Market in Europe 2015-2019
About Insurance Technology Market in Europe
Over the years, many insurance firms across Europe have become increasingly dependent on technology and Internet to run their business and drive revenue growth and this trend is expected to intensify further.
The insurance sector in European countries is likely to experience significant growth during the forecast period. However, it is dependent on the recovery from recent recessions and economic crises. This scenario varies from one country to another depending on the macroeconomic factors. Slow economic growth has pressurized insurers by challenging their investment strategy, existing business models and processes, product mixture, and operating structures. The existing business models have resulted in very low investment income and product margins. In order to receive greater investment benefits, investors are required to simplify their operations at reduced cost. Improving economic conditions in European countries are likely to increase motor and home sales, and will aid in stimulating business formation.
Increased digitalization in European countries is expected to fuel the insurance market during the forecast period. It will help insurance companies reach customers in an efficient manner. Many larger insurance organizations are planning to invest in digital marketing to develop its business. In addition, advances in data analytics will benefit insurance companies in gaining meaningful insights. Insurers are likely to create a platform for receiving and storing these insights, which aids insurers in exploring opportunities. Benefits gained through analytics insights for insurers includes effective product design and pricing, agency management, reporting, and improved customer-targeting processes.
Technavio's analysts forecast the insurance technology market in Europe to grow at a CAGR of 3.74% during 2014-2019.
Covered in this Report
This report covers the overview of the insurance technology market in Europe. The report also includes the PEST analysis of the insurance market in Europe, insurance brokerage market in Europe, and the adoption of third platform technologies such as Cloud, Big Data, and others by the insurance firms.
Technavio's report, Insurance Technology Market in Europe 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects in the coming years. The report also includes profile of key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Insurance Technology Market in Europe 2015-2019
Technavio recognizes the following companies as the key players in the Insurance Technology Market in Europe: Accenture, Agile Financial Technologies, E&Y, HP, IBM, Mphasis, Oracle and Sopra Steria
Other Prominent Vendors in the market are: Amazon Web Service, BSB, Capgemini, Cognizant Technology Solutions, CSC, FICO, Genpact, Google, Informatica, Netapp, Polaris, Rackspace Hosting, Salesforce, SAP, Symantec, TCS, T-Systems, Verizon Communications, VMware and Wipro
Commenting on the report, an analyst from Technavio’s team said: “As customers are increasingly demanding real-time solutions, many insurance firms are aiming to be agile and event-driven architectures in the market. Mobile technology and social media are providing a cumulative number of sources for real-time data, which can be leveraged by insurance firms to a gain competitive advantage in the insurance technology market in Europe.”
According to the report, many insurance firms are spending significant amounts of time and money on IT risk management systems to identify, manage, optimize, and mitigate risks. Asset classes, customer segments, functional departments, and products are top priorities for insurance organizations. Failure to manage risks such as cyber-attacks and security threats can damage organizations.
Further, the report states that several cyber-attacks and security breaches have been reported recently due to the increasing number of internet users. Many insurance firms are struggling to secure clients' data to make investment decisions.
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