But many still have to play catch up. According to the Association for Cooperative Operations Research and Development (ACORD), fewer than 30% of the world’s largest insurers had entirely digitised the value chain, while 13% have not integrated digital technologies into their current business models.
The few who have switched to digital have reaped its benefits. As it stands, the digital insurance platform is growing at a compound annual growth rate of 9% over the analysis period.
However, it is also likely that insurance providers will face challenges due to a lack of insight into the future operational scenario, making