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Personalization in Insurance - Thematic Research

Publisher GlobalData
Published Mar 12, 2024
Length 74 Pages
SKU # GBDT18677990

Description

Personalization in Insurance - Thematic Research


Summary

In recent years, the insurance market has undergone a significant transformation driven by a combination of macroeconomic shifts and rapid technological progress. Against a backdrop of global uncertainties such as geopolitical tensions and economic challenges, insurers have faced a landscape characterized by both obstacles and opportunities. Notably, personalization has emerged as a key focus area, with insurers increasingly harnessing the power of data analytics, artificial intelligence, and machine learning to tailor their offerings to the unique needs of individual customers. This emphasis on customization has not only led to higher levels of customer satisfaction but has also resulted in improved risk assessment and pricing accuracy. Additionally, the integration of Internet of Things devices and wearables has become more prevalent, providing insurers with real-time insights into policyholders' behaviors and enabling them to implement proactive risk mitigation strategies.

Over the last few years, the insurance industry has witnessed significant change, largely propelled by advancements in technology and changing consumer preferences. One of the most notable trends has been the increasing emphasis on personalization across all segments of insurance. This trend has been facilitated by the widespread adoption of innovative tools such as telematics, wearables, and artificial intelligence. These technological advancements have not only reshaped how insurers interact with customers but have also transformed the entire insurance value chain, driving greater efficiency and competitiveness in the market.

Scope
  • GlobalData’s 2023 UK Insurance Consumer Survey indicates that the cost of premiums is a primary concern for 34.2% of consumers.
  • There is varying interest in usage-based insurance policies based on potential premium savings, with 16.8% interested if it saved them 10%.
  • The primary motivation for homeowners to consider sharing data from smart home devices with a home insurance company is financial savings, with 70.4% of respondents selecting this option as per GlobalData’s 2023 UK Insurance Consumer Survey.
  • According to GlobalData surveying, SMEs rank improved safety measures as the most important feature of usage-based insurance.
Reasons to Buy
  • Identify leaders in the personalization in insurance theme.
  • Determine how leading players use technologies to enhance personalization.
  • Recognize how incumbents are collaborating with insurtechs to improve their own product offering and customer experience.
  • Evaluate the strength of investment into the personalization in insurance theme and key related technologies.

Table of Contents

74 Pages
Executive Summary
Players
Thematic Briefing
Trends
Technology trends
Macroeconomic trends
Regulatory trends
Industry Analysis
The personal insurance market
Motor insurance
Home insurance
Pet insurance
Travel insurance
The commercial insurance market
Life and health insurance
Timeline
Signals
Mergers and acquisitions
Venture financing
The value of deals related to key technological themes decreased in 2023
Value Chain
Product development
Marketing and distribution
Underwriting and risk profiling
Claims management
Customer service
Companies
Sector Scorecards
Life insurance sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Non-life insurance sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Glossary
Further Reading
GlobalData reports
Our Thematic Research Methodology
About GlobalData
Contact Us
List of Tables
Table 1: Technology trends
Table 2: Macroeconomic trends
Table 3: Regulatory trends
Table 4: Mergers and acquisitions
Table 5: Venture financing
Table 6: Companies
Table 7: Glossary
Table 8: GlobalData reports
List of Figures
Figure 1: Who are the leading players in the personalization in insurance theme?
Figure 2: Cost of premium is a leading reason for consumers to choose an insurance provider
Figure 3: While many consumers would be interested in taking a UBI policy, many have concerns
Figure 4: Financial savings is the main motivator for consumers sharing data from smart home devices
Figure 5: Many consumers have privacy concerns regarding sharing data with insurers
Figure 6: There is room for growth for tracking technology to monitor pets
Figure 7: Nearly a quarter of consumers would be willing to pay up to 5% more for a travel insurance policy that paid out automatically
Figure 8: Larger-sized businesses are more comfortable with AI assessing their insurance requirements
Figure 9: The main reason SMEs would be comfortable with AI assessing their insurance needs is because they think it is quicker than humans
Figure 10: SMEs value human advice and expertise
Figure 11: The majority of SMEs are comfortable (to some extent) with interacting with a AI chatbot
Figure 12: Over half of SMEs would consider using an insurance app
Figure 13: SMEs rank improved safety measures as the most important feature of usage-based car insurance
Figure 14: Financial saving is a key motivator for consumers sharing data from activity trackers
Figure 15: Privacy concerns is a barrier for consumers sharing data from activity trackers
Figure 16: The personalization in insurance story
Figure 17: The value of overall investments into key technological themes peaked in 2021
Figure 18: The insurance industry value chain
Figure 19: Younger consumers are more likely to adopt telematic devices
Figure 20: Who does what in the life insurance space?
Figure 21: Thematic screen - Life insurance sector scorecard
Figure 22: Valuation screen - Life insurance sector scorecard
Figure 23: Risk screen - Life insurance sector scorecard
Figure 24: Who does what in the non-life insurance space?
Figure 25: Thematic screen - Non-life insurance sector scorecard
Figure 26: Valuation screen - Non-life insurance sector scorecard
Figure 27: Risk screen - Non-life insurance sector scorecard
Figure 28: Our five-step approach for generating a sector scorecard

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