European Insurance Study 2019


Data science as an accelerator for growth

At first glance, European insurance companies appear to be doing well. Despite low interest rates, they are achieving solid profits and have even been able to boost these slightly in recent years. Apart from a few exceptions, they also have no difficulty in complying with EU capital requirements. On average, the solvency ratio is more than twice as high as required. The insurers’ problem can be summarized in three words: lack of growth—especially among the big market players.

At the same time, there are some insurers that are growing more strongly in their respective country than the market average. We have taken a closer look at these growth champions and been able to identify key growth drivers.

Many insurers already use data science to optimize their business model. Generally, they have a huge data pool at their disposal which, when applying the right methods, they can use to derive new insights and strategies. On the whole though, most insurers are still far from fully exploiting their opportunities. There is little development of innovative business concepts. In the future, however, there can be no doubt that data science will be a crucial success factor in the insurance industry.

This publication is only available in German.

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