Insurance Predictions 2023 – Thematic Intelligence
All the vital news, analysis, and commentary curated by our industry experts.
Insurance Market Analysis 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
What are the major technology themes that are likely to impact the insurance industry in 2023?
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.
What are the major industry themes are expected to impact the insurance industry in 2023?
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.
What are the major macroeconomic themes are expected to impact the insurance industry in 2023?
The major macroeconomic themes that will impact the insurance industry in 2023 are demographics, FDI, geopolitics, inflation, and ongoing regulations in the insurance industry.
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.
Business Intelligence & Marketing Manager, SAL Heavy Lift
“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.”
Market Analyst & Management, Liebherr-Werk
“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.”
Head of Key Accounts, Saab AB
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.
Marketing Intelligence Manager, Portugal Foods
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.
Head of Customer Insight and Research, Standard Chartered
Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.
I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.
I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.
Head of Consumer Sensory Insights, Givaudan
“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.
Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”
Senior Account Manager, TSYS
GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise. The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.
I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.
One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.