The Digital Chauffeur: Real-World Principles of Innovation for the Insurance Industry : Market Research Report

The Digital Chauffeur: Real-World Principles of Innovation for the Insurance Industry

Published by: TowerGroup

Published: Nov. 5, 2007 - 12 Pages

Report Coverage
The Need for True Innovation
Innovation Principle 1: Radically Change the User Interface: Exhibit 1 Seat Belt Usage in the United States (1984-2007); Exhibit 2 US Driver Fatalities Caused by Air Bag Deployments (1989-2003)
Innovation Principle 2: Capture and Leverage Data: Exhibit 3 Data Required by US National Highway Traffic Safety Administration from Vehicle Event Data Recorders
Innovation Principle 3: Look for Innovation Outside Your Own Industry
Innovation Principle 4: Collaborate with Users
Innovation Principles 5 and 6: Be Agile, and Be Willing to Accept Risk
Data Explosion with Dynamic Pricing
IT Budgets and Opportunities: Exhibit 4 Global Insurance Industry IT Spending for Development for Information Management (2006-10E)
Summary

Abstract

Technological innovation surrounds us. The same technology that improves our day-to-day lives can provide insurers with a wealth of information that, when used correctly, will improve the ability to manage risk, reduce loss costs, and enhance the carrier-customer relationship. This TowerGroup Research Note covers a variety of cutting-edge technologies and forecasts their impact on the insurance industry.

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The Digital Chauffeur: Real-World Principles of Innovation for the Insurance Industry

Table of Contents

Abstract