Research

Czech insurance market in 2020: are you ready for the digital revolution?

Willis Towers Watson’s survey results: the Czech Insurance Market in 2020

March 30, 2017
| Czech Republic

Results of our discussions and survey with senior insurance executives

Marking the first anniversary of Willis Towers Watson's Prague office, we are delighted to present our report into the prospects for the Czech insurance industry in the years to 2020. In this unique survey of 49 senior insurance executives from across the industry – insurers, reinsurers, intermediaries, academics and industry associations – we sought to identify the key trends, risks, opportunities and keys to success for insurance companies.

As insurers look to the immediate future, the confluence of the old and the new seems particularly significant – buzzwords such as InsurTech, Big Data, social media, digitalisation, automation and customer-centricity dominate the media. Yet products and, particularly, distribution models seem to have changed very little. And the perceived burden of regulation continues to be felt strongly.

The results of our survey clearly show three dominant trends:

  • Digitalisation and the impact of new technologies
  • The focus on improving the customer experience
  • Optimisation of distribution channels

The survey encapsulates the often conflicting demands felt by insurers – the desire to “go digital” and to embrace new technologies and social media, whilst needing simultaneously to deal with real-world regulation, products and intermediaries. In many cases, the insurance executive of today seems to feel overregulated, understaffed and frustrated by legacy systems and processes, which are increasingly seen as inflexible, out-dated and an obstacle to change. So, as we look ahead to 2020, what are the major changes that we can expect to see? And which risks and opportunities await the insurance sector?

If you would like to discuss the survey in more detail or to explore the implications for your business, please contact your Willis Towers Watson consultant or one of the contacts on the right.