ACORD and Alchemy Crew Release Study on Primary Drivers of Success Among European Insurers
LONDON, June 8, 2021 /PRNewswire/ -- ACORD, the global standards-setting body for the insurance industry, recently released its 2021 European Insurer Value Analysis white paper, focusing on 40 of the largest insurers headquartered in Europe, across all major lines of business. Conducted jointly by ACORD and Alchemy Crew, and sponsored by CGI, the study analyzed financial, strategic, and tactical factors over a five-year period to determine primary drivers of high performance in the European insurance market.
Each of the 40 insurers were evaluated by a proprietary Cash Flow Return metric. The study then examined the quantitative and qualitative factors associated with high performance. It found that the most successful insurers shared qualities and practices – from digital maturity to leadership style – that enabled superior results.
"While there is no universal rule for success across the market, there were notable trends among high-performing insurers that we saw across the five-year study period," said Sabine VanderLinden, Co-Founder, CEO & Managing Director of Alchemy Crew. "Those insurers that embraced innovation and change, for example, were more likely to succeed."
Overall, key attributes and actions among the highest-performing insurers included:
- Differentiated product leadership: Top-quartile performers typically pursued a product leadership strategy, offering differentiated, valued products that fulfill a compelling market need in particular lines of business and geographies.
- Ongoing optimization of portfolio & capabilities: Superior performers balanced long-term capability investment with short-term earnings. They were thoughtful and selective in their revenue growth, digital enablement, ecosystem participation, and M&A activity.
- Culture of core competency, plus change: High-performing insurers made it a priority to attract, develop, and retain talent that was diverse, motivated, and highly skilled in core insurance activities, while also promoting a culture conducive to transformation.
"While some of the results of the study were intuitive, several others were quite surprising," said Bill Pieroni, President & CEO of ACORD. "Among other factors, this study makes clear that a well-defined strategy, digital maturity, and an inclusive culture are all imperative for success in European insurance markets."
The full European Insurer Value Analysis white paper is free to download for ACORD members. For more information or to download the white paper, please visit www.acord.org/research.
About ACORD
ACORD (Association for Cooperative Operations Research and Development) is the global standards-setting body for the insurance and related financial services industries. ACORD facilitates fast, accurate data exchange and efficient workflows through the development of electronic standards, standardized forms, and tools to support their use. ACORD engages thousands of insurance and reinsurance companies, agents and brokers, software providers, financial services organizations and industry associations in more than 100 countries. ACORD maintains offices in New York and London. Learn more at www.acord.org.
About Alchemy Crew
Alchemy Crew is a venture validation & commercialisation lab supported by a global ecosystem. We take a well-curated problem and transform it into a digital solution leveraging a network of global emerging tech ventures and knowledge from multi-disciplinary experts. Merging both, we create long-term sustainable impact through authentic execution and the sharing of our differentiating learnings. For more information, please visit www.alchemycrew.com.
Contact:
Beth Jarecki
beth@lpendragonus.com
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