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!
- 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