Five Lessons from Across the Pond for European Insurers
| London, United Kingdom September 16, 2005 |
The United States insurance market is by far the largest market in the world, with over 900 billion in premiums in 2004. The European Union insurance industry is a close second, with the United Kingdom, Germany, France and Italy being the dominant regional players. There has been a lot of focus on differences between the US and European insurance markets, but in a new report, " ,"Celent proposes that there are similarities in the core business processes used by insurers on both sides of the Atlantic.
"While business strategies may focus on different challenges, the processes used are the same. These similarities allow us to identify successful IT strategies," says Catherine Schmitt, senior analyst at Celent and author of the report.
The report proposes five key areas where European insurers can learn from US insurers, namely compliance, channel distribution, customer profitability, standards, and how to make the most of legacy systems. The report includes case studies of Allstate, the Electric Insurance Company, and the American National Insurance Company.
The report is 27 pages long and contains seven figures and one table. A table of contents is available here.
of Celent's Property/Casualty Insurance and Life/Health Insurance research services can download the report electronically by clicking on the icon to the left. Non-members should contact firstname.lastname@example.org for more information.