European Insurance Study 2020
How the COVID-19 pandemic is driving digital insurance sales
The corona crisis is not threatening the existence of insurers. This is due to the good shape the industry was in before the pandemic broke out. In 2019, most insurers were not only profitable and solvent, they also grew much more strongly than in previous years, and some even achieved double-digit growth. The corona crisis is therefore hitting the insurance industry in a good position, but it is nevertheless having a clearly negative impact. The positive growth trend has been halted for the time being, new business in particular has been affected, and profitability and solvency have also suffered from the crisis. In this situation, we believe it is important to draw the right conclusions from the crisis. Those who make the right decisions now will be among the winners in the post-Corona period.
One of the central success factors is the digitalization of sales. By this we understand both the digitalization of direct sales as well as the digital support of employees responsible for personal sales. Those who have taken a pioneering role in this area had already grown conspicuously often particularly strongly before the crisis. But the crisis has made digital sales even more important. The growth of the post-Corona era will come about here.