The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The insurance industry has seen the evolution of technology over the past decade, as digitalization and data analytics in particular became more commonplace. As these themes become more embedded in the industry, others will arise; cyber risks are increasing significantly, for example. Insurers hold vast amounts of very personal data that needs to be protected, while they also need to find comprehensive solutions to threats against customers.
Sustainability is a theme that extends well beyond insurance and has been named as GlobalData’s key 2020 trend across all industries. Insurers started to receive pressure for a lack of action and even for partnering with unsustainable industries and companies in 2019, which caused some to act. This will become a major theme for the industry over the next decade.
This report takes an in-depth look at the future of the insurance market. It covers the key themes in the industry, assesses how successful they have been, and determines how they will develop.
- Policyholders will be the main beneficiaries, as the majority of the themes in this report will lead to policies becoming more instant, digital, interlinked, and easier to access and adjust.
- The key winners in this space are those that have transformed the sector in their respective countries and reaped the benefits.
- Zhong An in China and Lemonade in the US stand out in that regard.
- Oscar has also excelled in the US health market and Zego is making great strides in the UK’s on-demand and gig economy space.
- Incumbents are waking up to the major themes in the industry, but a space remains for new players.
- The losers from these themes at the moment are incumbents that have let startups into lead areas of vast potential, such as the gig and sharing economies and cyber prevention.
Reasons To Buy
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new innovations and insurance models begin to enter the market.
- Be prepared for how regulations will impact the use of automated home devices in insurance over the next few years.