The percentage of global consumer buyers who interact with their insurance companies through digitized mechanisms has doubled since 2015, according to a study on Wednesday by ACORD, the global standardization body for the insurance industry.
The organization's 2020 insurance Digital Maturity Study of the world's top 130 insurance companies showed that 80% of such buyers interacted digitally in North America by 2020, compared to 40% in 2015, according to ACORD.
In Latin America and Bermuda, the share of digital collaborators rose to 72% in 2020 from 35% in 2015. In Europe, the Middle East and Africa, the share of those who interact digitally grew to 76% from 42%. and in the Asia-Pacific region, the share grew to 77% from 42%, the study showed.
Customer preferences are shaped by their broader experience, the report stated. "Consumer buyers' demands from the insurance industry are not solely shaped by the insurance industry," said ACORD.
The insurance companies in the ACORD study represented nearly $ 2.3 trillion in a combined premium in 201
The study included 53 insurance companies domiciled in North America with gross prices of $ 650 billion; 11 from Latin America and Bermuda with $ 84 billion in GWP; 41 from Europe, the Middle East and Africa with $ 878 billion in gross premiums; and 25 from the Asia-Pacific region with a premium of 735 billion dollars, data from the report show.
"The pace of digitization continues to accelerate across the industry in the United States, London, and worldwide," said Chris Newman, ACORD's CEO, Global, in a statement released with the study.
Despite the gains, however, ACORD noted that "Among the 130 best insurers in the world, less than 30% have actually digitized the value chain while 13% do not use digital technology in their current business processes."
 The ACORD 2020 Insurance Digital Maturity Study is the fourth edition of this annual study and contains data and insights that are current as of July 2020, according to the statement. Catalog