Top 10 Trends in Insurance in 2016 – Capgemini Report
Article Synopsis :
Most of the trends impacting today’s insurance industry are either technology specific or count technology as a main driver.
“Top 10 Trends in Insurance in 2016” by Capgemini provides a crisp snapshot of the top trends in insurance this year. From immediate disruptions such as IoT to longer-term forces like gamification and peer-to-peer, each point comes with background, an analysis of key drivers, trend overview, and potential implications. The 10 trends identified and discussed are as follows:
Trend 01: Increased Use of Internet of Things by Insurers
Trend 02: Auto-Insurers Are Shifting toward Usage-Based Insurance
Trend 03: Using Big Data to Improve Claim Processing Capabilities
Trend 04: Entry of Non-Traditional Firms in Insurance
Trend 05: Increased Use of Aerial and Digital Imagery
Trend 06: Focus on Gamification of Processes
Trend 07: Increasing Demand for Cyber Insurance
Trend 08: Emergence of Peer-to-Peer Insurance
Trend 09: Usage of mHealth Apps by Insurers
Trend 10: Focus on Customer Adherence Apps
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Digital Insurer's CommentsWhat’s the old saying, Never ask a tire salesman if you need new tires? One might accuse Capgemini, a technology consultancy, of an IT bias in their trendspotting.
But what else is there? Demographic shifts (i.e. aging population, shifting wealth), and financial trends (i.e. new sources of capital, mainly from private equity), though no doubt significant, are almost BAU for insurers.
The ten trends identified here are, over time, gamechangers.
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