- The key vendors in the insurance technology market in Europe 2015-2019 are Accenture, Agile Financial Technologies, E&Y, HP, IBM, Mphasis, Oracle, and Sopra Steria.
London, 23 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the insurance technology market in Europe 2015-2019. Growing adoption of BPO services is a key trend observed in this market. The need to address cost pressures and sourcing strategy issues facilitates the adoption of BPO insurance services in this region. BPO insurance services are cost-effective when it comes to outsourcing certain operations of capital markets. This market is expected to grow at a rate of 3.74% during the forecast period of 2014-2019.
Source: Techanvio Research
Increasing penetration of the internet and mobile devices is a critical factor that drives growth in this market. Growing penetration of these devices results in increased direct selling, where consumers directly consult insurance firms for insurance products. As a result, many firms in Europe are now focusing on adopting various technologies in the insurance market to enhance customer experience.
“Bancassurance, also known as the bank insurance model, is the process of selling insurance and other related products through a bank. This model is commonly practiced in many countries across the world, especially in Europe, which has witnessed tremendous success with it,” says Faisal Ghaus, Vice President of Technavio Research.
“With the growing success of this model, there are many new entrants in the market, which is intensifying the competition and encouraging insurance companies to innovate and customize products for each of the banks’ client segments. This has resulted in higher profitability for both banks and insurance companies.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
