This report provides an in-depth analysis of personalization within the insurance industry. It identifies key players within the theme and discusses what they have done well to set themselves apart. It analyzes investment into this theme within insurance in recent years. The report also explores how insurtechs have influenced incumbent insurers in terms of personalization.
The key technology theme driving the personalization trend is analytics. Insurers collect and store vast amounts of data, but it is analytics expertise and programming that allows them to create valuable insights on customers from this data. Big data and the Internet of Things are the foundations for personalization, but insurers have held data for years without properly utilizing it until the analytics theme began to unlock key insights. Consequently, this theme has seen considerable investment in recent years and has been the key enabler behind the rise of personalization in insurance.
- Overall, the total value of investment into analytics declined in 2020 due to the COVID-19 pandemic but looks set for growth in 2021.
- Over half of UK consumers who do not currently have usage-based motor insurance policies would consider them if the financial savings reached a certain level.
Reasons To Buy
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new startups and innovations enter the market.
- Understand the impact personalization is having across a range of product lines.