Consumers overestimate technological advances used by insurers

European consumers have precise expectations of IT advances in the insurance sector: 39% of them are demanding products at more competitive rates, 29% expect customized offers and 23% expect a fast and secure payment of premiums.

However, 60% of respondents believe that insurance companies are already able to use the private data obtained when underwriting a policy or from social networks.

In reality, many computer systems used by insurers are obsolete because they date back to the 1980s. Less than 40% of European insurers are able to more or less use big data.