Digitalization in the insurance industry

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Bavaria is one of the world's leading insurance locations. The digital transformation is already in full swing in this industry and it is important to actively shape the change processes. This is reason enough to take a closer look at the opportunities and challenges arising from the new technological possibilities. Leveraging potential. A number of developments are taking place in a similar way in all sectors and sectors of the economy, but at different times and at different speeds. This applies, for example, to the structural changes in the world of work due to increasing automation and the constant improvements of artificial intelligence or to the growing importance of platform markets. Here, all industries can benefit from thinking outside the box. However, each industry also has its own special features and is being changed in its own way by digitization. In the insurance industry, for example, this is information asymmetry, which is reversed with the new possibilities of data collection and evaluation. So far, it was the insured person who was usually best able to assess his individual risk, in the future it can be the insurance. In terms of regulation, the insurance business also differs from other industries. With this study – a decoupling from the vbw study New Value Creation through Digitization – we want to show how digitization is currently and in the near future influencing the insurance market and its players. The Future Council of the Bavarian Economy has derived concrete recommendations for action from the overall view of trends, potentials and obstacles across all industries and sectors (New value creation through digitization – analysis and recommendations for action), which must now be implemented in order to realize additional value creation through digitization in Bavaria and Germany.
Digital Economy, Digital Future, Insurances
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Publication date: 
Tuesday, January 25, 2022
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Digitalization in the insurance industry
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