We’ve always admired the Nordics. This is a region that leads the world in how insurance operates and how society embraces new technology. From MitID to MobilePay, and the widespread use of straight-through processing (STP) in claims, the Nordic way of working is clear: work smarter, not harder.
Trust is also part of the DNA here. In many cases, an oral agreement holds as much weight as a written one. That high-trust culture shows up in the numbers: insurers in the region run combined ratios in the mid-80s and expense ratios around 15%, far ahead of many markets where those figures are worse off.
With numbers like these, the Nordics was not exactly our obvious first stop for Peak3. But here is what’s changed:
We have learned that even in such a high-performing market, challenges persist. Legacy systems are still common, and GenAI adoption lags behind global peers. Only 19% of Nordic white-collar workers use it weekly (versus 61% globally), missing out on a projected €60 billion in potential annual productivity gains. That mix – operational excellence but room to modernise – makes the region a fascinating place to share what we have seen work in other parts of the world and to explore together how those ideas could fit here.
That is why we are excited to be partnering with Nordic Fintech Week, where we are curating the insurance track. Across our sessions, we’ll dive into three big themes:
Between 40% and 60% of personal lines P&C contracts in the Nordics come through partners like banks, unions, and OEMs. The propositions are strong, but the tech behind them often does not go far enough to really engage customers or grow their lifetime value.
In other markets, companies like Grab and Companjon have shown how the right tech can help sell multiple policies per customer each year, at low acquisition cost. So why not here?
Read our Embedded Insurance Whitepaper Series
Plenty of young people in the Nordics are still underinsured. For example, uptake of accident and contents insurance among under-30s remains low, with affordability and awareness key barriers. Profitability is often the reason given, but companies like Snack have found ways to make it work.
See our Accumulator Whitepaper to learn how
AI is here to stay. We aim to share real-world examples of AI working in insurance and sit down with Nordic leaders to discuss how they are tackling legacy and preparing their core systems for the future.
Read our AI in Insurance Whitepaper and register for our roundtable
Sustainability is also top of mind for many insurers. As the industry faces increasing pressure to deliver on ESG goals, we’re seeing more focus on how IT can drive sustainable outcomes. For a deeper dive, check out our recent publication on Key Levers for Sustainable Insurance IT, which explores practical steps insurers can take to make their operations greener and more resilient.
In short, the Nordics have plenty to be proud of. But to stay ahead, they must evolve embedded engagement, reach the next generation, and leap into AI.
Join Peak3 and industry peers at Nordic Fintech Week to explore how to turn these challenges into opportunities.
Sources:
https://www.sampo.com/group/market-overview/
https://www.bcg.com/publications/2025/nordic-genai-complacen
Share article