Insurance Predictions 2023 – Thematic Intelligence
Insurance Predictions 2023 Thematic Intelligence Report Overview
The top themes that are likely to impact the insurance industry in 2023 can be classified into technology, macroeconomic, and industry themes. These themes will dictate how the market evolves and how leading players within the market fare in the given year.
The major technology themes that are expected to impact the insurance industry in 2023 are artificial intelligence (AI), big data, cloud, internet of things (IoT), blockchain, cryptocurrencies, robotics, cybersecurity, and the futuristic metaverse among others.
Cyber insurance, direct-to-consumer, health & wellness, insurtech, personalization, and robo-advisory are the major industry themes that are likely to impact the insurance industry in 2023. Furthermore, demographics, FDI, geopolitics, inflation and ongoing regulations are the major macroeconomic themes impacting the insurance market in 2023. Additionally, Environmental, social, and governance (ESG) has been a major theme for all large businesses for a few years now and must be a central part of any leading business’s strategy over the coming years.
Top Themes: Insurance Industry
ESG: ESG-related mentions in company filings has increased significantly between 2016 and 2022. According to GlobalData’s 2022 UK Insurance Consumer Survey, more than 40% of consumers are willing to pay more (to various degrees) for an insurance policy from a provider with a good record in sustainability. This illustrates how much more important ESG has become to insurers in recent years and suggests the trend of sharp growth looks set to continue.
Inflation: Insurers are being hit in two different ways by record-high inflation globally. Firstly, the higher costs incurred to run the business due to soaring energy bills, and secondly, the soaring claims costs, due to rising costs of supplies, services, and energy. Amidst the crisis, consumers will prioritize value and finding the cheapest policies possible, but insurers will struggle to afford even not raising premiums. This will make retaining customers and keeping penetration rates up across the board the greatest challenge for insurers throughout 2023.
Cyber insurance: The behavioral shifts that remain from COVID, such as home working and increased digitalization, have heightened the cyber threat to the insurance sector. A higher proportion of SMEs indicated the likelihood of them purchasing cyber insurance has significantly increased since the pandemic.
Top Themes: Insurance Industry
For more information on the top themes driving growth in the insurance industry, download a free report sample
Insurance Predictions 2023 - Thematic Intelligence Report Overview
|Technology Themes||Artificial Intelligence (AI), Big Data, Cloud, Internet Of Things (IoT), Blockchain, Cryptocurrencies, Robotics, Cybersecurity, and the Metaverse|
|Industry Themes||Cyber Insurance, Direct-To-Consumer, Health & Wellness, Insurtech, Personalization, and Robo-Advisory|
|Macroeconomic Themes||Demographics, FDI, Geopolitics, Inflation and Regulations|
- Policyholders will be the main beneficiaries, as the majority of the themes in this report will lead to policies becoming more instant, digital, interlinked, and easier to access and adjust.
- The cost-of-living crisis coming almost straight after a global pandemic will hit consumers and businesses extremely hard. They will need to cut bills where possible, meaning it will be challenging for insurers to maintain penetration rates across key products.
- The losers are typically incumbents that have let startups take the lead in areas of vast potential, such as the gig and sharing economies and cyber insurance.
Reasons to Buy
- Discover how the likes of ESG, Cyber Insurance, and Inflation will impact the insurance industry over the course of 2023.
- Ensure you remain competitive in response to new innovations and insurance models entering the industry.
- Identify the leaders and laggards for the Themes analyzed in this report.
Table of Contents
Top Themes for 2023
Internet of Things
Sharing and Gig Economies
Our Thematic Research Methodology
Frequently Asked Questions
The major technology themes that are expected to impact the insurance industry in 2023 are artificial intelligence (AI), big data, cloud, internet of things (IoT), blockchain, cryptocurrencies, robotics, cybersecurity, and the futuristic metaverse.
The major industry themes that will impact the insurance industry in 2023 are cyber insurance, direct-to-consumer, health & wellness, insurtech, personalization, and robo-advisory among others.
The major macroeconomic themes that will impact the insurance industry in 2023 are demographics, FDI, geopolitics, inflation, and ongoing regulations in the insurance industry.
Get in touch to find out about our multi-purchase discounts
Tel +44 (0) 20 7947 2960
Every customer’s requirement is unique. We understand that and can customize the report basis your exact research requirements pertaining to market insights, innovation insights, strategy and planning, and competitive intelligence. You can also avail the option of purchasing stand-alone sections of the report or request for a country specific report.
Still undecided about purchasing this report?
“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.
GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”
“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”
Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.
Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.