GlobalData surveys have found that price or premiums and speed of response to queries or quotes are key factors when choosing which insurers to do business with. As the insurance landscape evolves, companies that can quickly modernize the customer journey, streamline back-office operations, and offer competitive pricing will be best positioned to thrive.
According to GlobalData’s 2025 UK Commercial Insurance Broker Survey, 28.4% of respondents selected price or premiums as the most important factor when choosing which insurer to do business with and 8.8% selected speed of response to queries or quotes as the most important factor. These data underscore the dual pressure on insurers to not only offer competitive pricing, but also improve operational efficiency and responsiveness.
Aviva’s recent partnership with ICE Insurtech shows how leading insurers are embracing digital transformation to remain competitive. By implementing ICE’s policy administration system, Aviva has streamlined its operations and enabled a fully digital customer journey. Aviva reported a significant reduction in quote response time, halving it from previous benchmarks, directly correlating to increased customer satisfaction and retention. Additionally, the integration of advanced technology has enabled Aviva to reduce IT costs, which in turn has facilitated a reduction in customer premiums. This aligns with the survey findings, which indicate that insurers that can effectively leverage technology to reduce operating costs can pass those savings on to consumers; thus improving its competitive advantage.
The digital transformation journey is not just about adopting new technologies; It requires a fundamental change in the way insurers approach their business models. Insurers that can effectively modernize their operations, improve the customer journey and offer competitive pricing will not only survive, but thrive in the years to come. The Aviva case serves as a compelling example of how strategic partnerships and technology investments can generate significant benefits. As the landscape continues to evolve, those who embrace change and prioritize customer-centric solutions will emerge as leaders in the insurance market. Companies that can offer competitive pricing and quick response times will be best positioned for success.
“Aviva’s digital transformation leads to lower premiums for customers” was created and originally published by Life Insurance International, a brand owned by GlobalData.
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