The research, which polled insurance executives and intermediaries, showed that many felt insurers could do better.
Nearly two in five (38%) insurance executives believe there are ‘significant’ opportunities for insurers to improve levels of efficiency, while almost 15% stated that the opportunities are ‘huge’.
Over half (53%) of executives believe that back office administration from insurers could be improved, while 68% of insurance intermediaries said the same.
Nearly seven in 10 (68%) insurance executives think that more digitalisation of information and data by insurers would help significantly help, while 56% of intermediaries agreed,
Some 42% of insurance executives felt that insurers will be effective in improving their levels of efficiency over the next three to five years, compared to 12% who do not. The corresponding figures for insurance brokers meanwhile are 27% and 19%.
Craig Campbell, head of insurance sector at EDM Group, said: “It is clear from our research that both insurance executives and intermediaries believe there is significant room for improving levels of efficiency and cutting costs in the industry, and that the digitisation of information has a clear role to play here.
“For this reason, we see this as one of our biggest growth markets.”
Executives also cited customer retention (38%), claims (35%) and underwriting (44%) as having room to improve.
EDM Group currently generates around 10% of its revenue from the insurance sector but with challenges in information management it anticipates a dramatic increase over the next three years.