Market Trends of Germany Life & Non-Life Insurance Industry
This section covers the major market trends shaping the Germany Life & Non-life Insurance Market according to our research experts:
Increasing Focus Toward Digitalization of Insurance Supply Chains
So far, companies have focused primarily on customer-facing applications. But some insurers are beginning to realize that digital means much more than cool and convenient apps for consumers; it is a force that will touch and reshape the very core of their business. Yet firms will benefit from digital technology only when they embrace its potential along the entire insurance value chain, including underwriting and claims management.
Advanced analytics (AA), online sales technologies, machine learning, the Internet of Things (IoT), distributed ledger technology, virtual reality (VR), Infrastructure and productivity, and others are some of the modern technologies that help insurance companies to achieve digitalization.
Workforce Transformation has increased market penetration.
Workforce Transformation of German Life and Non-life Insurance companies is something that creates the agile, modern insurer and upskills the workforce to prepare for change. As technology, emerging risks, customer expectations, and competitive pressures change the industry. Insurers need to rethink their work, workforce, and workplaces. Leading insurers give their workforce the platforms and opportunities they need to respond to today's challenges. German Life and non-life insurance companies are partnering with the clients to reimagine insurance workforce solutions, making significant, impactful changes in the work and roles within the insurance organization.
The Workforce Transformation approach goes beyond incremental change to rearchitecting the work and roles done in an insurance organization, reskilling their workforce and increasing performance, creating better digital/ physical workplaces. The Workforce Analysis is done by the companies, which tells them what work is needed, who should do it, what skills are required, and where does that work need to happen? Workforce transformation, along with leverage AI helps the german insurance companies to identify key gaps in client talent and expand capabilities in the client's retained workforce.
Industry dynamics and talent market disruptions have presented an opportunity for insurers to transform their workforce and drive increased organizational value. Practically, this means putting the processes, checks, and balances in place to organize resources in a diverse way and promote employee growth.
Workforce Transformation has led to increased penetration of the Life and Non-Life Insurance Market in Germany. Insurance penetration shows the overall contribution of the insurance industry to the economy of Germany and is calculated as insurance spending as a share of gross domestic product (GDP).
