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Digital services could displace $280B of traditional premiums by 2025

Overall, the global insurance industry is expected to reach $7.5 trillion by the end of the forecast period.

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“Insurers who move from traditional to technology-led offerings that are better integrated with customer data are better positioned to lead; others risk losing revenues to digital-first competitors and new entrants,” said Kenneth Saldanha, of Accenture. (Credit: Rawpixel.com/Shutterstock.com) “Insurers who move from traditional to technology-led offerings that are better integrated with customer data are better positioned to lead; others risk losing revenues to digital-first competitors and new entrants,” said Kenneth Saldanha of Accenture. (Credit: Rawpixel.com/Shutterstock.com)

Demand for digital insurance tools and online distribution is anticipated to displace as much as $280 billion of current insurance revenue by 2025, according to Accenture, which noted current customer retention levels will be challenged by digital disruptors.

As consumers renew policies with data-driven offerings, up to $140 billion of current insurance revenue will likely shift to tech-enabled products. An additional $140 billion of current revenue is expected to transition from traditional distribution models to digital distribution experiences as shoppers move toward online channels and third-party platforms, according to Accenture.

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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