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Key Findings

The Insurance Nexus Global Trend Map is bristling with insights on every part of the insurance value chain. Whether you are interested in following progress on a certain technology (IoT, AI and Blockchain to name a few), developments within a specific function (everything from claims and underwriting to investments and R&D) or the megatrends within a given region, we’ve got you covered!

FACTOIDS

 

  • 29% of insurers report losing market share to new entrants
  • Is Digital Innovation carriers’ leading priority for the next 18 months
  • North America tops our table for Underwriting, Europe for Claims
  • IoT is one of the top three categories of third-party services being sought by carriers
  • Where is investment increasing the most? In IoT or Analytics?
  • Don’t cross your Cs! How do Chief Data Officers compare to Chief Customer Officers?
  • Reinsurers lead the pack on analytics innovation
  • Over a quarter of carriers are using machine-learning / AI
  • The majority of industry players now have IoT strategies
  • Which areas is IoT fuelling the most? Analytics, customer-centricity and pricing…
  • Is Commercial really an IoT laggard?
  • Europe leads the world on IoT implementation – but where is IoT the biggest priority?
  • Insurance fraud is increasing, says the overwhelming majority of the industry
  • More than 2/3 thirds of carriers say CX is ‘very important’ in their claims departments
  • Still fewer than 50% of insurers have an automated claims-handling process
  • Will IoT impact the claims department? More than half of carriers think so…
  • Majority feel they are not meeting the standards needed to engage, acquire and retain today’s customers
  • Nearly three quarters of insurers have a direct-to-customer offer
  • Nearly 9/10ths of insurers are increasing distribution through affiliate channels
  • While less than a quarter of insurers believe they are offering a consistent customer experience across channels, nearly two thirds have an omnichannel strategy
  • Cyberattacks and breaches are top concerns for carriers – and the majority have mitigation plans in place.
  • Low interest rates are hurting (re)insurers – a majority are diversifying their investment portfolios in response
  • Regulation is represents a growing burden – for all industry players
  • Is Auto the line driving the most product innovation?
  • Around the world: a third of insurers have formal UBI strategies
  • Did you know: three quarters of insurers are diversifying their products, while nearly half are selling them as part of bundles
 

Graph: TOP PRIORITIES (MONEY + TIME + STAFF + TRAINING) BY REGION. (INSURERS AND REINSURERS)

Graph: Insurance Nexus Global Insurance Trend Map 2017

Get in Touch!

Alexander Cherry

Alexander Cherry

Head of Research
Insurance Nexus

Phone: +44 (0) 207 422 4363

Email: Alexander.Cherry@insurancenexus.com

Zsófia Kulcsár

Zsófia Kulcsár

Head of Marketing
Insurance Nexus

Phone: +44 0207 375 7167

Email: Zsofia.Kulcsar@insurancenexus.com

Sam Jones

Sam Jones

Marketing Manager
Insurance Nexus

Phone: +44 0207 422 4379

Email: sam.jones@insurancenexus.com

Access The Insurance Nexus Global Trend Map

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