Insight Report: Comprehensive Analysis of core Digital Innovation in Insurance

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Synopsis

Timetric’s ‘Insight Report: Digital Innovation in Insurance’ provides detailed analysis of the adoption and contribution of digital technology to the insurance industry globally. It provides:

• Comprehensive analysis of core digital technology such as social media, mobile technology, big data and cloud computing used in the insurance industry.
• A global snapshot of digital innovation and growth opportunities for the insurance industry.
• Insights into key market trends relating to digital technology in the insurance industry globally.
• Analysis of market opportunities and challenges faced by insurance companies globally when adopting digital technology.

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Executive summary

Timetric’s ‘Insight Report: Digital Innovation in Insurance’ analyzes the potential impact of digital technology on the insurance supply chain, from product development to claims management, enabling insurers to reduce costs, and increase efficiency and profit margins.

An increasing number of insurers are investing in building digital infrastructure, and striving for growth by developing new business models using digital platforms. However, insurers are yet to fully capitalize on the transformative power of digital technology, and many are still struggling to develop digital strategies that align with their business objectives. The insurance industry recognizes the need to overhaul traditional business models, to capitalize on the advantages of digital technology and respond to the challenges of digital disruption.

The report discusses how insurers in different markets use digital technology in different business functions, including product development, sales and marketing, underwriting, claims management and customer services. It also discusses market trends, opportunities and challenges faced by insurers in the successful implementation of digital strategy.

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Table of Content

1 Executive Summary

2 Digital Trends in the Global Insurance Industry

3 Consumer Behavior in the Digital Era

4 Big Data and Cloud Computing
4.1 Big Data
4.2 Cloud Computing

5 Social Media

6 Exploring Untapped Digital Opportunities
6.1 The Internet of Things
6.1.1 Telematics
6.1.2 Wearable technology
6.2 Mobile Technology

7 Challenges for Digital Insurers

8 Conclusion

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