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Digital Outlook: Insurance Industry

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Infosys commissioned an independent market research company, Vanson Bourne, to investigate the use of digital technologies and key trends in nine industries. We surveyed 1,000 senior decision makers from business and IT, from large organizations with 1,000 employees or more and annual revenue of at least US$500 million.

The report aims to discover:
a) the surging tide of digital technology adoption in organizations – what is used and where?
b) the promised land of digital technology use, and the hurdles organizations face to get there
c) the biggest disruptive digital trends within the next three years and why organizations see them as vital to future success

The summary here presents the survey results and highlights the digital outlook that will define the insurance industry strategy over the next three years.

Published in: Economy & Finance
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Digital Outlook: Insurance Industry

  1. 1. www.infosys.com DIGITAL OUTLOOK INSURANCE INDUSTRY …
  2. 2. DIGITAL OUTLOOK INSURANCE INDUSTRY 2 THE RESEARCH … 1,000 Senior IT and business decision makers were interviewed from organizations, which use digital technologies, with 1,000+ employees and US$500M or more global annual revenue. Survey covered a range of industries, across Australia, China, France, Germany, India, the UK, and the US. The research investigates the use of digital technologies and key trends in nine different industries, namely, automotive, banking, consumer packaged goods, healthcare, industrial manufacturing, insurance, life sciences, retail, and utilities. The study reveals • The surging tide of digital technology adoption in organizations - what is used and where? • The promised land of digital technology use, and the hurdles organizations face to get there • The biggest disruptive digital trends within the next three years and why organizations see them as vital to future success
  3. 3. DIGITAL OUTLOOK INSURANCE INDUSTRY 3 TOP INSURANCE TRENDS THAT WILL MAKE MOST IMPACT WITHIN NEXT THREE YEARS … The three trends receiving most mentions, as making a positive impact on the business, suggest that the industry had both the opportunities and pitfalls of digital technology on its mind. 1 Big data analytics 2 Cyber security 3 AI and automation
  4. 4. 4 DIGITAL OUTLOOK INSURANCE INDUSTRY DIGITAL TECHNOLOGIES THAT INSURANCE INDUSTRY USES THE MOST … Insurance companies utilize five digital technologies on average. The most deployed technologies in the industry are: 66% Cyber security 65% Big data analytics 58% Enterprise cloud 45% Artificial intelligence 42% Dev-ops and agile
  5. 5. 5 DIGITAL OUTLOOK INSURANCE INDUSTRY KEY GOALS OF IMPLEMENTING DIGITAL TECHNOLOGIES … For insurance companies, the most important purpose of implementing all these technologies was to improve existing business operations, but a substantial number were also looking to solve new business problems. Big data analytics 63% are implementing it to improve existing business operations 41% to solve new business problems 56% to create new opportunities Cyber security 60% are implementing it to improve existing| business operations 54% to solve new business problems 25% to create new opportunities Enterprise cloud 75% are implementing it to improve existing business operations 43% to solve new business problems 32% to create new opportunities Artificial intelligence 63% are implementing it to improve existing business operations 53% to solve new business problems 43% to create new opportunities
  6. 6. 6 DIGITAL OUTLOOK INSURANCE INDUSTRY THE AREAS THAT ARE ATTRACTING INVESTMENTS ARE… … 74% Gamification to educate and encourage insurance buying behavior 63% 54%74% Cyber security technologies to protect customer data and meet compliance mandates 56% …BUT While the insurance companies are making the right investments, they also need to bolster their technologies and skills further to implement the trends to the fullest. Big data for 360-degree view of customer and to increase wallet share Internet of things for risk measurement and mitigation Intelligent automation of underwriting with AI technologies or new underwriting software
  7. 7. Copyright © 2018 Infosys Limited Your journey to being more digital extends from core modernization to customer delight. To steer through that path purposefully, write to us. … Write to Us
  8. 8. Copyright © 2018 Infosys Limited Thank You … Visit Infosys.com/digital-outlook to find out more about the digital outlook that will be driving the insurance industry strategy in the next three years.

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