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Worldwide Insurance Industry 2009 Top 10 PredictionsPublished by: IDC Published: Jan. 15, 2009 - 12 Pages Table of ContentsTable of Contents Predictions In This Report Situation Overview Future Outlook Prediction #1: The Insurance Industry Will Dramatically Shift Shape in 2009. There Will Be Fewer But Larger Insurers; Europe and Asia/Pacific Will Be the New Power Centers. Prediction #2: Enterprise Risk Management Will Become a Critical Competency in 2009. Thirty-Three Percent of the Top 100 Global Insurers Will Use ERM in 2009. Prediction #3: Insurance Industry Regulation Will Get Globalized, Rationalized, and Homogenized. Europe Will Clear the Path to the Regulatory Future. Prediction #4: Customer Service Will Be One of the Top 3 Insurance Industry Investments in 2009. Forty-Five Percent of the Top 100 Global Insurers Will Launch Customer-Centric Initiatives. Prediction #5: Processes Will Get Polished in an Environment of Flat Insurance Industry IT Spend. Two-Thirds of North American Insurers Will Take on Process Improvement Initiatives. Prediction #6: Being Informed Will Become the Cornerstone of Competitive Success. The Top 100 Global Insurers Will Build an Ability to Adapt. Prediction #7: Changing Demographic Waves Will Wash Over the Status Quo. Twenty Percent of the Top 100 Global Insurers Will Look to New Avenues of Meeting Client Needs in 2009. Prediction #8: Insurers Will Get Social (Networking, That Is). Twenty-Five Percent of the Top 100 Global Insurers Will Use the Digital Marketplace in 2009. Prediction #9: Insurers Will Have Fewer Choices of Core Administrative Technology Providers in 2009. Lack of Capital and Clients Will Inhibit New Core Administrative Technology Entrants. Prediction #10: Insurance Industry Innovation Will Bloom (Somewhat) in the Financially Strapped Marketplace. Twenty-Five Percent of the Top 100 Global Insurers Will Experiment with Spatial Information Management, Including Pay as You Drive, in 2009. Essential Guidance Learn More Related Research Synopsis AbstractThis Financial Insights report covers our top 10 predictions for the global insurance industry for 2009. These predictions are based on interactions our worldwide insurance analyst team has with insurance companies as well as with technology firms, consultancies, and other firms supporting the insurance industry. Barry Rabkin, senior research analyst, Insurance Service at Financial Insights and lead author of this report, states that "2008 could not end fast enough for the global insurance industry. Weekly negative news stories about financial service firms and arcane financial instruments shattered any semblance of insurance industry calm and bottom-line results like a stream of bricks thrown through stained glass windows. The lesson for insurers, producers and policyholders from the painful experiences of 2008 going forward in 2009 and the years ahead is 'forearmed is forewarned.' Insurers can better position themselves by using ERM programs, business analytics, and performance management to become better informed or by providing innovative products and services to their policyholders and producers." Get Full Details About This Report >> |
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