Report cover image

Open Insurance Market Analysis, Key Trends and Strategies, Line of Business and Future Implications

Publisher GlobalData
Published Jun 19, 2023
Length 22 Pages
SKU # GBDT18051000

Description

Open Insurance Market Analysis, Key Trends and Strategies, Line of Business and Future Implications


Summary

This report explores the burgeoning open insurance space. It identifies the key trends driving open insurance, while also discussing how the insurance industry should look to the lessons provided by open banking. In addition, the report identifies a handful of market leaders and explores how they have achieved success in this space.Open insurance is an emerging model of insurance whereby insurers can improve efficiencies, revenues, and business partnerships through the opening up or sharing of data resources with other organizations. This process is largely achieved through APIs, allowing insurers to embed their products into other related third-party goods and services. This model creates new revenue streams and stronger cross-sector relationships for insurance companies while also improving and creating new value-added services for customers.

Scope
  • According to GlobalData’s 2022 UK Insurance Consumer Survey, consumers under the age of 40 are more likely to be willing to share smart home device data, with 58.1% of consumers likely to share their data.
  • As per the same survey, 66.2% of consumers indicated that they would be willing to share data from smart home devices in return for financial savings.
  • Chinese insurer Ping An has developed a market-leading digital ecosystem based on the principles of open insurance.
Reasons to Buy
  • Determine the key trends driving open insurance across the industry.
  • See how the growth of open insurance and digital ecosystems presents a major opportunity for
    • innovative and forward-looking insurance players.
  • Learn from the impact of open banking to better inform your open insurance strategy.
  • Benchmark yourself against leaders in the open insurance sector and identify ways in which they have created market-leading digital ecosystems.

Table of Contents

22 Pages
    • Market overview
    • Key findings
    • Critical success factors
    • The principles of open insurance
    • Key trends driving open insurance
    • Open banking offers valuable insights for insurance
    • Regulation may be more stringent than for open banking
    • Concerns over data privacy may hinder open insurance
    • Key digital ecosystem and embedded insurance providers
    • Abbreviations, acronyms, and initialisms
    • Methodology
    • Secondary sources
    • Further reading
  • About GlobalData
  • Contact Us

Pricing

Currency Rates
How Do Licenses Work?

How Do Licenses Work?

The primary function of a report license is to define how many people within a company are authorized to use the purchased report. This is separate to how a report might be delivered. Unless specifically identified otherwise, the purchase option is Single User. Below is a helpful description of that license, along with a sampling of others most commonly offered.

  • This license allows only one user to have access to and to use/read the report. It is not one user at a time or one user group; it is an individual who will be reading and utilizing the report.

  • This license allows for the entire purchasing company to read and use the report. This is the license level that would allow for a report to be placed on an internal company shared drive for access by all employees of that direct company. This license does not extend to parent or sister company use.

  • This license is designed to allow an entire department within a company full access to a report. The departmental license is a great option for companies that have more than one location and the department is spread out all over the country/world

  • This license is for companies that have one location where they want the report to be accessible by all employees within that physical location.

  • This is the most flexible of the licensing options. Some publishers will allow you to get a license for a preset number of people (typically 5). These licenses are ideal for small work groups.

License options are at the discretion of each publisher. As such, not all licenses indicated above are available for every product. If you are uncertain of the best license for your needs or would like a license that is not proactively available, please contact us and we will be happy to assist.

Head shot

Questions or Comments?

Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
Chat Now
Contact Us