The global insurance industry is facing a difficult environment, undermined by challenging economic landscapes. While premiums in emerging markets and newly industrialized Asian countries are still expanding at a fairly robust and resilient pace, sluggish performance is expected in advanced markets like the United States and Western Europe. Insurers need to derive growth through business model improvements, even as they come under scrutiny to cope with highly competitive environments fraught with unpredictability, increasingly stringent regulatory and compliance requirements, and heightened cost pressures. This would require insurers to enhance operational flexibility and embrace strategies around streamlining processes, be innovative in product development and pricing, better engage with increasingly demanding policyholders, improve speed to market to stay competitive and adaptable, and adopt a more disciplined approach to risk management. With technology being pivotal to all these strategies, insurers' IT divisions need to continually infuse their IT policies with business goals. This is in addition to being tasked with handling technology change management and enabling business innovation through technology pillars such as Big Data and analytical applications, cloud computing, mobility strategies, and social media developments.
The Worldwide Insurance Strategies advisory service provides clients with guidance on the strategic implications and offers timely and actionable information on the impact of current and emerging technologies on the life and annuity and the property/casualty insurance markets as well as analysis on a firm's position within the industry. 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
- The continuing impact of regulatory and compliance changes
- The impact of Big Data, cloud, mobile, and social media on the insurance industry
- Insurance opportunities in the new, 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 insurance 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, companies, 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 that support the industry with strategic advice and timely data. Our continual interaction with our clients assists them to make better informed decisions and 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
- Guidance for 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)
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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.