For the past several weeks I have been blogging about how German businesses are adopting digital into their business models, based on the results of a survey that excluded financial services and insurance.
Today I’ll shift focus by turning exclusively to the insurance industry in one country—Switzerland—to see how these companies are digitizing their businesses.
Late last year, Accenture applied its Digital Index—an analytical tool that measures the progress companies have made in digital strategies, digital services and digital enablement—to Switzerland’s top insurance companies. Together they represent more than 80 percent of the local market.
The results were less than impressive. Overall, Swiss insurers are only digitized to a limited extent, primarily through interaction and sales functionality. Only a few insurers are offering digital products.
When it comes to digital servicing, Swiss insurers are stronger in their interaction than in their actual client-service functionality. Digital enablement, at least from an outside perspective, is still in its infancy at leading Swiss insurers.
By combining insurers’ financial performance and digitization, Accenture derives starting positions in the digital race. The chart below shows how eight Swiss insurers line up as Digitalization Challengers, Champions and Developers, and Traditional Champions.
AXA, Mobiliar and Allianz achieved Digitalization Champion status among Swiss insurers, with AXA standing out as the most advanced among the index peer group. AXA Winterthur is the best example of the relevance and strategic importance of digital among leading Swiss insurers.
Next week we will examine how AXA and other Swiss insurers are winning at digitalization.
To view the Swiss Digital Index, go to: http://www.accenture.com/ch-de/Pages/service-switzerland-top-500.aspx