Highlights from the Digital Transformation in Europe Report
We asked ourselves the following question: just how prevalent are the manual and paper forms in European insurance?
To answer this question, we have developed a web crawler tool capable of identifying PDFs and manual forms across the web. Next, we identified 149 major insurance companies across 10 European countries, focusing on Germany, Austria, Switzerland, and the United Kingdom. Using our proprietary tool, we scanned their websites to assess their digital maturity, identify savings and revenue potential and assess the ROI of going digital.
We then cross-referenced these figures with our own proprietary data to calculate the monthly and annual savings and revenue opportunities these companies could realize through digitization. We wanted to figure out:
- Industry benchmarks – Do insurance markets in some countries exhibit more digital maturity than others? Which countries are lagging behind, and where does the opportunity lay?
- Savings opportunities – How much does the lack of digitization cost the European insurers?
- Revenue opportunities – What new revenue opportunities made possible through digital innovation.
Why no-code should be your strategy for 2020
According to our findings, European insurers are wasting over 12 Billion Euros on maintaining manual and paper-based processes. Just imagine what you could achieve with a fully digital onboarding, policy renewal or claims handling process that doesn’t involve paper or PDFs?
With all the talk of digital transformation, you would think that leaving the paper and manual processes is no longer a challenge. After all, everyone agrees that digital transformation is no longer optional.
But in practice, leaving the paper and manual processes behind is proving to be extremely difficult. Insurance carriers who attempt to digitize all their workflows with code end up in expensive multi-year core transformation programs that don’t deliver agility and innovation but instead introduce new legacy and maintenance challenges.
Recently, enterprise-grade no-code solutions have been gaining popularity. The no-code revolution is here, and it means that the time and cost of building enterprise-grade apps will soon drop by a factor of ten.
The problem of the manual and paper-based processes in insurance is overwhelming. Don’t believe us? Read our Digital Transformation in Europe report!
What you’ll find in this report?
- How many paper and PDF forms do European insurers maintain?
- What is the Digital Maturity Quotient and why it matters
- The ROI of digitizing paper and PDF forms in insurance
- The operational costs associated with paper forms and PDFs
- An often overlooked method to digitize paper and PDF forms across the enterprise
- How no-code platforms are changing the pace of digital transformation in insurance
How does your company stack up? Get the report here