2011 Trends to Watch: Insurance Technology

Date: October 22, 2010
Pages: 18
Price:
US$ 1,895.00
Publisher: Ovum
Report type: Brief Review
Delivery: E-mail Delivery (PDF)
ID: 2D1B8FC4B22EN
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2011 Trends to Watch: Insurance Technology
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Introduction

Financial success in the insurance industry depends on insurers being able to leverage the changing risk landscape, regardless of whether the risk terrain experiences minor alterations or major reshaping. In 2011 the insurance industry will face a significantly altered risk terrain requiring dramatic redesign of strategies, business models, products, and distribution channels.

Features and benefits
  • Analysis of the key business trends and technology enablers impacting the insurance industry in North America, EMEA, and Asia-Pacific.
  • Identification of three specific overarching trends that are reshaping the insurance industry.
  • Discussion of specific initiatives that insurance companies should consider implementing in 2011.
  • Discussion of opportunities available to technology vendors in 2011 supporting the insurance industry.
Highlights

Competitive success in 2011 will require insurers to strengthen their competencies in business intelligence to adhere to the growing number of global regulations and generate profits. Insurers must find a balance between lowering costs and maintaining their multiple core systems. Insurers must carefully begin to use social media.

Your key questions answered
  • What are the major trends that will impact insurance companies in 2011?
  • What are the initiatives insurers should implement in 2011 to compete in the significantly changing risk landscape?
  • What are the opportunities for technology vendors supporting the insurance industry in 2011?

SUMMARY

Catalyst
Ovum view
Key messages

BUSINESS TRENDS AND TECHNOLOGY ENABLERS

Key business trends and technology enablers of the 2011 insurance industry

REGULATORY REFORM TRIGGERS INSURANCE INDUSTRY STRUCTURAL CHANGES

Regulators will demand stricter financial viability
The regulatory drums will continually thunder a warning of "systemic risk"
The new US insurance-industry federal regulator will "play nice" with the state regulators in 2011 (for now)
There will be less money for business operations, customers, and channels

THE POST-CRISIS "ECONOMICS OF LESS" OFFERS INSURERS BOTH PAIN AND GAIN

Longevity risk will pressure countries, corporations, and consumers
Non-life insurers will continue to feel pain
Life insurers will make sure they gain
Asia-Pacific is, and will continue to be, an oasis of growth

THE EXPANDING "DIGITAL DOMAIN" RESHAPES INSURERS' GO-TO-MARKET STRATEGIES

Web use grows unabated
Newspapers, books, music, videos, and…insurance? Oh my!
The insurance industry will continue to take small steps in 2011 to participate in the digital marketplace
The digital marketplace is ever-expanding
Increased digital information flows through the insurance value chains
Digitized information flows through the internal functional and financial engines

RECOMMENDATIONS

Recommendations for insurance companies
Keep costs low
Strengthen analytical competencies
Use social networking capabilities
Recommendations for vendors
Maintaining the past while honoring the present
Folding in the future (slowly)
Not resting on one's laurels

APPENDIX

Further reading
Methodology
Author
Ovum Consulting
Disclaimer

TABLES

Table: Key business trends and technology enablers of the 2011 insurance industry
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