Not one to be left behind by changing times, the insurance industry has been striving to revolutionize its practice. Deloitte’s study, Insurance Disrupted, points out that if traditional insurance providers are not able to keep up with rapidly changing technology and evolving sociocultural landscapes, they risk getting left behind by alternative providers eager to disrupt the industry.

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Trends Disrupting the Insurance Industry in 2016
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1. Big Data Analytics in Underwriting
MAXIMIZING
COMPANY
PROFIT
UNDERWRITERS
OFFERING
LOW COST
PREMIUMS
The Sweet Spot

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1. Big Data Analytics in Underwriting
90%
9 out of 10 underwriters see the
potential in access to real-time
claims data to improve pricing
accuracy

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2. Adapting to Digital Platforms
Social Media
Email
Live Chat
Audio Chat
Video Chat

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2. Adapting to Digital Platforms
Persona 1 Persona 2 Persona 3 Persona 4

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3. Adapting to New Business Models

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3. Adapting to New Business Models
INSURANCE
COMPANY
POLICY
HOLDERS
NEW
PLAYER

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4. Microinsurance
Traditional
Market
Extended
Microinsurance
Market

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4. Microinsurance
NGO
INSURANCE PROVIDER

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5. Critical Illness Insurance
Standard
Medical
Insurance
Critical
Illness
Coverage
Critical
Illness
Coverage
Critical
Illness
Coverage
Critical
Illness
Coverage

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5. Critical Illness Insurance
Company Recieves
Feedback Points
Elevates to
Management
Customer Experience
Research
Developing Customer
Centered Solutions
Improved CX and
Market Research
1 2 4 53

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6. Women’s Life Insurance
Sweet
Sixteen!
Wedding
Day
Company
President
Graduation Due Date Age 60

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6. Women’s Life Insurance
Niche Market
(Women)
Stronger
Relationships
Boost
Competitiveness
Maximize
Profits
New
Oppertunities

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Trends Disrupting the Insurance Industry in 2016
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