Can insurers compete in the adaptive challenge?
BearingPoint. Institute Can insurers compete in the adaptive challenge? Poor communications and a lack of synergy between strategy and operations are not the only challenges facing the insurance marketplace; emerging entrants, increased regulation and the ability to implement big data analytics will define the gap between the dynamic insurer and the rest of the field Sluggish insurance premiums ... Insurance premium growth in mature markets in 2012 and 2013 (USD billion) 926 Life 890 Non-life 784 799 637 630 628 636 632 585 189 186 North America Western Europe Advanced Asia North America Western Europe Advanced Asia ... are compounded by heavyweight challenges Competition from emerging market entrants: TOMTOM' VW (automotive) TomTom (data providers) TESCO Google Google (data aggregators) Tesco (retail) Changing nature of customer relationships: 1.75 billion estimated smartphone users worldwide, as of December 2014. Smartphone-driven customers like to switch between channels of communication, Mega-trends such as cloud computing and big data in technology: compensation, and sales which will affect IT, steering systems and the sales force. A recent BearingPoint survey discovered that 46% of insurance executives believe external Demographic changes such as life expectancy create both opportunities and competitive pressures: data sources to be important to their organisation's future success. 2012 2060 • Regulations changing increasingly fast: 82.6 84.6 89.1 76.7 SEPA, Solvency II, IFRS 4/9, IMD2, MIFİD, PRIPS and LVRG will all add to insurers' workload. The Average life expectancy in Europe (years). introduction of Solvency II Pillar 3 in January 2016 will require a 'significant increase in reporting volume and frequency'. Source: BearingPoint Institute Report BEIO04, Swiss Re sigma No 3/2014, EIOPA/OECD, eMarketer BEIO05-28-AOM-IN |
Can insurers compete in the adaptive challenge?
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