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Insurance Top 10 Trends 2016

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This document helps in understanding the current and future global and regional insurance market trends.

Published in: Economy & Finance

Insurance Top 10 Trends 2016

  1. 1. Insurance Trends for 2016
  2. 2. 2Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services Insurers are increasingly leveraging the Internet of Things (IoT) $ 1.7 Trillion Global IoT market in 2020 Telematics Wearables Connected Homes Source: Capgemini Financial Services Analysis, 2015; “Internet of Things Market to Reach $1.7 Trillion by 2020: IDC”, The Wall Street Journal, June 2, 2015
  3. 3. 3Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services Auto-insurers are shifting toward Usage-Based Insurance PAYD Pay-as-you-drive PHYD Pay-how-you-drive MHYD Manage-how-you-drive 36% Percentage of Auto insurance carriers who will be using telematics-based UBI by 2020 Source: Capgemini Financial Services Analysis, 2015; "Usage-Based Insurance and Telematics", National Association of Insurance Commissioners, October 8, 2015
  4. 4. 4Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services Insurers are using Big Data to improve claim processing capabilities Adoption of Big Data is concentrated in three regions of North America, Europe and Asia Faster identification of events Automated claim assessment Easier calculation of loss reserves Fraud minimization Source: Capgemini Financial Services Analysis, 2015;
  5. 5. 5Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services Non-traditional firms are entering into insurance industry Since the majority of the non-traditional firms have a global presence, the trend is expected to be adopted globally Partnerships & alliances Joint-ventures Acquisitions Source: Capgemini Financial Services Analysis, 2015
  6. 6. 6Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services Insurers have started to use Aerial and Digital Imagery for assessing property $114.7 bn The trend has its origins in the U.S Estimated market of global Unmanned Aerial Vehicles in 2023 Quicker and accurate estimation Estimation in zones restricted for physical visits Estimation after a catastrophe Source: Capgemini Financial Services Analysis, 2015; “Unmanned Aerial Vehicle (UAV) Market to Reach US$ 114.7 Billion by 2023”, Satellite Markets & Research, February 13, 2014
  7. 7. 7Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services Insurers are applying Gamification to simplify complex and tedious processes Improves customer engagement & loyalty Better assessment of customers’ risk profile 63% Percentage of respondents who relate to gamification as fun and rewarding (based on a survey conducted by JWT Intelligence) Source: Capgemini Financial Services Analysis, 2015; “Gamification in Insurance: Customer Engagement and Beyond”, Anthony R. O’Donnell, Insurance Innovation Reporter, July 24, 2014
  8. 8. 8Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services The demand for Cyber Insurance is increasing Most of the cyber insurance policies cover the U.S. $575 bn Global financial impact of cyber crime in 2014 Businesses can transfer the cyber risk for a premium Value-added services can help businesses prevent/handle a cyber attack Source: Capgemini Financial Services Analysis, 2015; "Cyber Risk Insurance Market Outlook With AIG, ACE Ltd, Chubb Corp., Zurich Insurance Co. Ltd, Marsh and Beazley Group Ltd.", PR Newswire, November 18, 2015
  9. 9. 9Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services Peer-to-peer insurance can provide insurance at a lower cost In mature markets, internet connectivity and commoditized product lines are the key drivers In developing markets, reduced premium cost is an incentive for adoption Low cost Speedy claims processing Source: Capgemini Financial Services Analysis, 2015
  10. 10. 10Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services Insurers are using mHealth apps to monitor and improve the health of customers $26 bn Estimated market revenue of mHealth apps in 2017 100 k Number of healthcare apps published in 2014 Enables to judge a patient’s risk profile Reduces administrative costs Facilitates cross- selling & up-selling Reduces health care spend of customers Source: Capgemini Financial Services Analysis, 2015; “mHealth App Developer Economics 2014”, research2guidance, May 6, 2014
  11. 11. 11Copyright © Capgemini 2013. All Rights Reserved Presentation Title | Date | Financial Services Insurers are using adherence apps, which helps customers to regularly follow their medication Reminds Counsels Reinforces Educates Simplifies 50% Medication adherence rate for conditions such as depression in 2011 Source: Capgemini Financial Services Analysis, 2015
  12. 12. The information contained in this presentation is proprietary. © 2013 Capgemini. All rights reserved. www.capgemini.com About Capgemini Now with 180,000 people in over 40 countries, Capgemini is one of the world's foremost providers of consulting, technology and outsourcing services. The Group reported 2014 global revenues of EUR 10.573 billion. Together with its clients, Capgemini creates and delivers business and technology solutions that fit their needs and drive the results they want. A deeply multicultural organization, Capgemini has developed its own way of working, the Collaborative Business ExperienceTM, and draws on Rightshore®, its worldwide delivery model.

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