The market for insurance in Belgium has been stable for over a decade. Unless Insurers adopt new strategies and embrace external partnerships, organic growth seems next to impossible.
While insurers in other parts of the world are leveraging technology for better customer acquisition, Belgian Insurers struggle with stringent customer data protection laws.
This is the time for major business alignments to keep up with the changing customer expectations. For instance, the brokerage system dominates nearly 60% of non-life insurance distribution in Belgium. Unfortunately, 31% of the brokers have a negative attitude towards digitization and InsurTech, mainly because of the lack of awareness about the subject.
With current business models, there’s negligible hope that Belgian Insurers will remain competitive. Let’s look at the key drivers of ‘change’.