Insurance: Trends in online platforms; Vertical and technology trends
Easy internet accessibility through computers, mobiles, and handheld devices has increased customers’ dependence on online platforms for most things. Customers are now using these devices to seek information and updates on insurance products and services, a trend that is expected to grow in the near future. While the penetration of these devices is higher in developed western economies, the developing economies of India and China are also catching pace. In fact, the lack of proper distribution networks in developing economies is forcing insurance companies to come up with more innovative ways to control their various channels for selling products and attract the millennial generation.
- The dramatic shift from traditional selling to digital insurance selling is compelling carriers to shift to modern and preferred ways to communicate with clients, that is, through voice, chat, digital, mobile, and social networking platforms.
- The low cost of sensors, improved communication mediums, and quick data processing power is driving insurers to take advantage of IoT for various purposes that include the identification of customer needs and risks.
- Peer-to peer insurance is an emerging concept to provide insurance at low premiums and ensuring greater loss coverage. Emerging markets are quick to adopt this concept because of reduced premium costs, whereas mature markets are also showing interest because of the rising digitized content and the availability of commoditized insurance product lines.
Current Analysis’ Vertical Focus Report - Insurance: Trends in online platforms depicts the business challenges faced by the insurance sector in the online platforms domain along with the recent demand side and supply side trends in this functional area. The report outlines the evolution of the online platforms domain and identifies the key opportunity areas for the ICT vendors. This report also presents Current Analysis’ view of the revenue opportunities in the online platforms domain through to 2019, highlighting the market size and growth by geography.In particular, it provides an in-depth analysis of the following:
Reasons To Buy
- The latest trends impacting the insurance sector’s online platforms market.
- The market trends (both supply-side and demand-side) that will facilitate the growth of the insurance sector’s online platforms market.
- The technology evolution of the market and vendor opportunities
- The market inhibitors that may hinder the pervasive adoption of online platforms among insurers.
- The primary findings from Current Analysis’ view of revenue opportunities in the insurance sector’s online platforms market through to 2019, highlighting the market size and growth by regions.
- An identification of insurance sectors’ IT budget allocation and IT priorities relating to online platforms.
- Understand the insurance sectors’ landscape, the recent trends, and inhibitors shaping the insurance sector’s online platforms market.
- Comprehend the insurance sector’s online platforms market evolution.
- Enhance your market segmentation by analyzing the revenue opportunity forecasts figure in the insurance sector’s online platforms market from 2015 to 2019, across geographies.
- Comprehend insurance sectors’ IT budget allocation and prioritization of top IT projects in 2015.
- Understand how the insurance sector’s online platforms market opportunities are set to change in near future.
- 1 Business challenges for insurance companies
- 2 Market Dynamics
- 2.1 Demand side trends
- 2.2 Supply side trends
- 3 Technology Lifecycle
- 3.1 The insurance sector’s IT budget allocation and IT priorities
- 4 Opportunities for ICT vendors
- 5 Market size and forecast
- 6 Future outlook
- 6.1 Insurers are feeling the impact of digital disruption across their entire value chain
- 7 Appendix
- 7.1 Definitions
- 7.2 Further reading
- 7.3 Contact the authors
- List of Tables
- Table 1: The online platforms market in the insurance sector – global market opportunity forecast, US$ millions
- List of Figures
- Figure 1: Key business challenges impacting the insurance sector’s adoption of online platforms
- Figure 2: Key demand and supply side trends impacting the online platforms market
- Figure 3: Evolution and development of online platforms in the insurance sector
- Figure 4: The insurance sector’s IT budget allocation and prioritization of top IT projects in 2016
- Figure 5: Key trends relating to ICT vendors catering to the insurance sector
- Figure 6: The online platforms market in the insurance sector – global market opportunity