A recent survey by GlobalData found that price or premiums and the speed of response to queries or quotes are key factors for insurance brokers when choosing which insurer to place business with. The 2025 UK Commercial Insurance Broker Survey revealed that 28.4% of respondents selected price or premiums as the most important factor, while 8.8% chose the speed of response to queries or quotes. This highlights the need for insurers to provide competitive pricing and enhance operational efficiency and responsiveness.
To remain competitive, major insurers are embracing digital transformation. For example, Aviva’s partnership with ICE Insurtech has enabled the company to streamline its operations and offer a fully-digital customer journey. This has resulted in a significant reduction in quote turnaround time, which has improved customer satisfaction and retention. Additionally, the integration of advanced technology has allowed Aviva to cut IT costs, which has facilitated a reduction in customer premiums.
The survey findings suggest that insurers who can effectively leverage technology to reduce operational costs can pass those savings onto consumers, enhancing their competitive edge. However, digital transformation is not just about adopting new technologies; it requires a fundamental shift in how insurers approach their business models. Insurers that can modernize their operations, enhance customer journeys, and offer competitive pricing will thrive in the coming years.
The case of Aviva serves as a compelling example of how strategic partnerships and technological investments can yield significant benefits. As the insurance landscape continues to evolve, companies that prioritize customer-centric solutions and deliver both competitive pricing and rapid response times will emerge as leaders in the market. Ultimately, insurers that can provide a seamless and efficient customer experience while offering competitive prices will be better positioned for success.
In conclusion, the insurance industry is undergoing a significant transformation, driven by the need for competitive pricing, operational efficiency, and responsiveness. Insurers that can adapt to these changing demands and prioritize customer-centric solutions will be well-positioned to thrive in the coming years. By embracing digital transformation and strategic partnerships, insurers can reduce operational costs, improve customer satisfaction, and enhance their competitive edge.