The global insurance industry has typically been associated with being conventional, conservative, and slower to embrace change and transformation. While being overtly cautious and risk-averse may have succeeded in the past, this will not serve insurers given present-day dynamics. Today’s organizations are presented with challenges ranging from hypercompetition and emergence of niche players to compressed margins and volatile underwriting results; the need to overhaul archaic systems and legacy operating environments; intensified consumer requirements for personalized products and services and 24 x 7 x 365 omni-channel distribution touch points; and the introduction of disruptive technologies such as cloud, Big Data, mobile applications, and social media. Insurers thus need to evolve and become more attuned to this rapidly changing world — an evolution process that requires them to be entrepreneurial, agile organizations that respond even quicker to both opportunities and threats, and can wholeheartedly embrace both positive changes and challenging disruptions. This includes making strategic, tactical, and technological investments to enhance operational flexibility and business process optimization; innovate product development and pricing; improve speed to market to stay competitive, adaptable, and dynamic; keep pace with new technology pillars such as Big Data and analytical applications, cloud computing, mobility strategies, and social media developments to redesign their engagement strategies; and adopt a more disciplined approached to risk management.
The Worldwide Insurance Strategies advisory service provides clients with insightful information and analysis of global insurance trends and coverage of current and emerging technologies for the life and annuity, accident and health, and personal and commercial property and casualty insurance markets. It also offers timely, strategic, and actionable business IT and application advice to guide our clients as they undertake investment decisions, plan for future technology needs, and benchmark themselves against competitors. Our research advisory service provides ongoing research reports, analyst access, and admission to content-rich conferences and Webcasts.
- Customer centricity and the investment into Big Data and analytics
- Distribution and channel management strategies
- The continuing impact of regulatory and compliance changes
- The applicability of technology pillars (such as of Big Data, cloud, mobile, and social media) and phenomenon such as the Internet of Things and gamification on the insurance industry
- Growth opportunities in an increasingly borderless and connected marketplace
- The changing product development process
- How are insurers sourcing their business applications? Which are the emerging technology firms supporting the insurance industry?
- How are insurers using analytics to make better-informed decisions or manage their operations?
- What are the business implications of changing demographics on marketing and distribution, customer service, and product development?
- What are the technology implications for insurers of shifts in market, competitive, and regulatory environments?
- What are the strategic and operational implications of the impact of IT on the insurance industry: its structure, organizations, customers, sales channels, and products?
- What are the implications of the changing market and competitive dynamics of technology vendors that support — or want to support — the insurance industry?
The Worldwide Insurance Strategies advisory service provides C-level executives and divisional heads within insurers and diversified financial institutions as well as insurance technology vendors and consultants with strategic advice and timely data. Our continual interaction with our clients assists them in making better-informed decisions to improve competitiveness and operations.
- Analysis of current and emerging technologies in insurance operations
- Guidance concerning the changing insurance technology provider landscape
- Concise briefings and guidance on key IT trends and challenges impacting insurers
- Distinct extension of internal market research to validate market strategies
- Support more responsive customer-centric marketing campaigns
- Competitive positioning and recommended partnerships
IDC Financial Insights values building client relationships and strives to foster a partnership with each client through continuous analyst interaction; timely delivery of current, concise, and relevant research; as well as custom research when needed. Each advisory service delivers strategic research covering business and technology issues. A summary of the basic service deliverables available to subscribers includes the following:
- Analyst inquiry time specific to the advisory service area
- 24 x 7 research access via www.idc-fi.com
- Discounted admission to specific IDC Financial Insights or IDC conferences
- Complimentary forum invitations (Web conferences, industry briefings)
Related offerings to our industry-specific research practices include IT Spending Guides — segmented regional and country-level analysis by solution area; Go-to-Market Services (GMS) — a modular set of deliverables to assist clients in extending their market reach, validating their market strategy, and producing more responsive customer-centric marketing campaigns; and IDC Advisory Tools — a growing set of solutions designed to ensure clients that technology purchasing and deployment decisions are optimized. In addition, IDC Financial Insights experts are available for individualized consulting engagements to address specific challenges or to customize the results of our syndicated research offerings.