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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

FINNOVATING

Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.

SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

Insurance Nexus: Global Trend Map

Article Synopsis :

This comprehensive 200+ page report from Insurance Nexus, based on over 1,000 survey responses from around the world, aims to understand the global state of the insurance industry, not just in terms of the overarching themes but also on a regional basis to create a first-of-its-kind ‘map’ of insurance trends worldwide.

 The Digital Insurer reviews Insurance Nexus’s Report on Insurance Nexus: Global Trend Map

Technological advancement and digital innovation are top-of-mind for insurance CxOs worldwide 

The report explores the key themes in today’s digital insurance universe, e.g., analytics, IoT, AI and customer-centricity, and how these themes vary on a region-by-region basis.

Key high-level findings include:

 Top 10 External Challenges Facing the Industry
RankScoreChallenge
1962Technological advancement
2664Changing customer expectations
3490Digital channel capabilities
4460New emerging risks
5435Changing economic conditions
6400Increased regulation
7320Increased competition
8206New entrants to the market
9136Catastrophe risk
10120Climate change
  Top 5 Internal  Challenges Facing the Industry
RankScoreChallenge
11032Lack of innovation capabilities
21027Legacy systems
3759Finding and hiring talent
4740Siloed operations
5373Lack of company-wide dedication to core priorities
Top 10 Insurer Priorities (Global)
RankScoreCapability/Focus Area
159Digital Innovation
256Customer-centricity
351Analytics
447Claims
544Underwriting
641Product development
735Regulation
833Distribution
930Pricing
1021Risk management

 

The main body of the report is organized around the following ‘key themes’, going into a fair amount of depth on each, depending on your unique area of interest:

  • Analytics
  • Digital Innovation
  • Internet of Things
  • Fraud
  • Claims
  • Marketing and Customer-Centricity
  • Distribution
  • Cybersecurity
  • Investment Management
  • Regulation
  • Product Development

The report sketches out three overarching ‘megatrends’, attempting to distinguish between paradigmatic and cyclical shifts. The first megatrend is a cyclical shift; the latter two could justifiably be termed paradigmatic (and insurers need to stake out positions on all three):

  1. Worldwide low interest rates coupled with soft market conditions: Survey respondents in all global regions explain their current challenges at least in part through low interest rates. Everywhere, investment margins are being squeezed, forcing carriers the world over to re-evaluate their core underwriting business in pursuit of efficiencies.
  2. The complexification of risk in today’s increasingly globalized societies: There are currently 29 megacities (populations exceeding 10 million people), and this figure is expected to exceed 40 by 2030. As global populations rise to a forecast 8.5 billion people by 2030, this will likely lead, on balance, to higher pollution levels, increased political instability and greater movements of people. These figures point to a future in which existing liability classes become more problematic, with greater accumulation risk. In the now, there is hardly a single insurance product line where the difficulties faced by insurers aren’t increasing.
  3. Distribution disruption and insurance’s customer-centric ‘turn’: There is a prevailing view – not just confined to the vibrant and vocal InsurTech community – that something is wrong with the customer relationship implicit in traditional insurance, at least in personal lines. The relationships have long been standoffish in nature, with one subsidiary industry dedicated to bumping customer claims up and another to hauling them back down again (loss assessment and loss adjustment). Meanwhile fraud and counter-fraud soak up huge amounts of the industry’s capital. In broad strokes, the new relationship being demanded and pursued is one in which client and insurer are ‘risk partners’, whereby it is in each party’s interest to share as much information with the other as possible so that they can work together proactively to reduce exposures.

Link to Full Article:: click here

Digital Insurer's Comments

Interesting. Fewer than 12% of survey respondents work in IT, yet the top three external and internal challenges, and top three areas of investment, are decidedly technological in nature—and they all revolve around the presence, quality, and availability of digital data.

Digital innovation, customer-centricity, and talent acquisition are top-of-mind issues with executives in insurance organizations worldwide. This report is yet another piece of evidence of how the industry has changed, and keeps changing, at an accelerating rate.

Link to Source:: click here

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