Increased transparency (e.g., through comparison platforms), heightened price sensitivity among customers (in both private and commercial business), and the entry of new providers, some of them from outside the industry (e.g., car manufacturers, fintechs), have significantly increased competitive pressure. Insurers are forced to reinvent their offerings and communication with their customers in order to find new stability and resilience in times of global uncertainty. The pandemic, at the latest, has exposed weaknesses in the offline-focused business model and shown that there is no way around digitization.
