Celent: Approx 85% of European insurers are monitoring insurtech activity

Approximately 85% of European insurers are monitoring InsurTech activity, according to Celent.

Celent: Approx 85% of European insurers are monitoring insurtech activity

Innovation has also become the top business priority influencing insurers’ European IT investment plans in 2017, according to Celent.

In a report titled Insurance in Europe: 2017 Business and IT Priorities, Celent said many insurers have accepted the new environment and are changing their strategies to grow within it.

The research and advisory firm said about two-thirds of European insurers consider easing new business generation (via agents, brokers, and prospects) as their top priority (rated very high or high) within their digital programmes, with approximately 85% of European insurers monitoring insurtech activity.

Generally,  Celent said it is only the larger firms which actively invest in innovation vehicles, such as incubators, accelerators, or venture capital.

One of the report’s authors, Jamie Macgregor, a senior vice president at Celent, commented: “Innovation and insurtech appear to have captured the imagination of many insurers across the market, with approximately 85% within our sample actively monitoring the market.”

Co-author of the report, Nicolas Michellod a senior analyst, with Celent’s Insurance practice, said: “Despite interest in insurtech, investment in the core business remains a priority with opportunities to be had in digital distribution, automation, and improved risk insight as a consequence of better analytics.”