The Market Challenge
In Ovum’s view the global insurance industry is entering a distinct new phase characterized by the emergence of innovative new insurance products, novel ways of interacting with customers, and the threat of new entrants. As an insurer, your organization must respond to these challenges.
Having already experienced major change over the last decade through regulation, radically changed customer expectations and new technology, how do insurers respond as technology change continues to accelerate yet further over the next five years?
The imperatives for today’s insurer are to understand the potential threats and opportunities posed by technology, how it can be effectively exploited and who are the most appropriate partners when addressing these challenges?
How Ovum Helps You
Understand how key technologies will impact your particular insurance sector, region and organization
Maximise your market impact, by using Ovum’s independent research to understand exactly what is driving insurer IT investment agendas at a country and regional level
Stay ahead of the competition, by understanding how to effectively align technology offerings to your customers’ needs
“71% of North American and European insurers see companies like Google, Amazon and Facebook as a more significant competitive threat than their peer insurers in terms of delivering an IoT-based insurance proposition”
ICT Enterprise Insights – Global survey of insurer pain points and IT buying intentions for 2018-19
ICT Spending Forecasts – Global 5 year projections for insurance IT spending, segmented by country, source and line of business
Ovum Decision Matrix – Analysis of the leading vendor solutions in key areas, including IoT Insurance Service Providers
Themes for 2018
IoT and the move to Insurance 2.0
The vehicle insurance sector has used telematics and IoT to offer usage-based insurance (UBI), but now insurers need to build on this to not only enhance today’s vehicle offerings, but also to deliver IoT based proposition across other sectors such as home, commercial and life insurance. IoT insurance 2.0 will allow insurers to move from today’s product-focused, retrospective compensation offerings, towards that of a proactive and personalized risk management proposition characterized by an ongoing dialogue that adds value for the policy holder.
Value-based engagement and the future of the customer experience
With increasing competition, how can the insurance industry deliver a seamless, convenient and innovative digital customer experience that is seen to be of meaningful value by the customer? Critical to this will be the role played by technologies such as RPA, machine learning , natural language processing, and augmented reality, to deliver a highly personalised and contextually relevant insurance proposition. Small and mid-size insurers in particular need to find ways to effectively exploit new technology and to not get left behind in the ‘technology race’ by large well-resourced carriers or agile ‘insurtech’ start-ups.
Becoming the digital insurer
Carriers need to fully utilize technologies such as cloud, SaaS and RPA at the core of their operations to provide the organizational agility needed in response to the changes demanded by customers, regulators, competitors and emerging competitive threats.
As the market dynamics continue to exert pressure on insurers, resolving the perennial issue of legacy modernization becomes even more critical. Ovum’s research can help insurers to understand how best to deploy these technologies and map a route to becoming a digital insurer.
Deep focus on the opportunities presented by artificial intelligence and IoT technology; the biggest drivers for change across the global insurance industry
Insurance Software Contracts Analytics – monthly analysis of insurer and vendor partnerships