Tech in Insurance – Report Bundle (6 Reports)
Technology such as AI, AR, blockchain, big data, and IoT has multiple applications in the insurance sector. It helps to design tools and software to ensure a smooth user experience. Technology can also improve transparency and potentially help rebuild trust post-COVID-19, as it will help to verify every aspect of the contract from both sides at the start.
As a part of this bundle, you will gain access to in-depth insights available in the following reports:
- Thematic Intelligence: Medical IoT in Insurance
- Thematic Research: AI in Insurance
- Thematic Research: Augmented Reality in Insurance
- Thematic Research: Automated Home in Insurance
- Thematic Research: Big Data in Insurance
- Thematic Research: Blockchain in Insurance
Report 1: Thematic Intelligence: Medical IoT in Insurance
The Medical Internet of Things (IoT) is the medical devices and applications that connect to healthcare IT systems through online networks. The global IoT spending market size by healthcare providers was worth $10.3 billion in 2019. The market is expected to grow at a CAGR of more than 4% from 2020 to 2025. Pharma, healthcare, and medical sectors are leaders in the medical IoT field, and any new product or innovation they make will eventually come into the insurance industry if it can prevent serious diseases or help treat them.
Leading Players in Medical IoT
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Report 2: Thematic Research: AI in Insurance
AI adoption in the insurance sector is led by larger incumbents, with technologies such as machine learning (ML), computer vision (CV), and conversational platforms used to enhance customer service, claims processing, and underwriting. As legacy insurers inevitably move to the cloud to compete with insurtechs, AI platforms, particularly those that are cloud-native, will see greater traction. Self-learning software and cognitive computing can help insurance companies to shore up customer loyalty. There are tremendous possibilities for the insurance sector to use machine learning to do things faster and smarter.
AI Value Chain
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Report 3: Thematic Research: Augmented Reality in Insurance
AR can be used by underwriters to simulate real-life disasters such as flooding and landslides and other estimated potential damage. The insurers can also use AR to decipher insurance plans for customers, simplifying the often-complicated process of understanding and selecting the right plan. The lack of trust of customers in insurance companies can also be mitigated by increased transparency and with the help of AR. Many insurance companies are using AR to create entertaining marketing ploys and interactive advertising campaigns that are expected to engage younger generations than traditional brochures.
AR Revenue by End-user
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Report 4: Thematic Research: Automated Home in Insurance
The automated home (also referred to as a smart or connected home) incorporates a range of smart products and appliances, from speakers and thermostats to TVs and fridges, into a network of interconnected devices. These devices are internet-enabled, part of a worldwide ecosystem known as the Internet of Things (IoT), and are connected to each other through a platform, hub, or network. Insurers will benefit from the implementation of certain devices into consumers’ homes. The scope for these devices to mitigate and minimize the impact of various types of claims within the home line has become increasingly apparent. With insurers grappling with ever-growing claims costs in the household insurance market, encouraging consumers to install these devices in the home will alleviate huge pressures on the bottom line.
Connected Home Ecosystem for Insurance
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Report 5: Thematic Research: Big Data in Insurance
Big data is already a key theme within the insurance industry. Insurers hold vast amounts of data on consumers, businesses, and claims. The key has been to utilize what they have collected into actionable and valuable insights. Those that have been able to do so best have had the most success in reducing claims and saving themselves and customers money. The potential for growth in this theme is endless as the world constantly becomes more connected, and more Internet of Things (IoT) devices are collecting data in real-time.
Leading Insurance Companies Using Big Data
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Report 6: Thematic Research: Blockchain in Insurance
The global blockchain software and services market size was worth $3.6 billion in 2020. The market is expected to grow at a CAGR of more than 48% from 2020 to 2030. There have been very few completed acquisitions of blockchain specialists by insurers, and it appears the preferred route to date has been collaboration. We have seen examples of leading insurers, such as Allianz, Lloyd’s of London, or Munich Re, collaborating with blockchain specialists to release certain products, rather than buy them out entirely. This suggests that the insurance industry is not ready to fully commit to the technology, and is still at the experimental stage, where it is working out exactly how useful it can be. GlobalData forecasts that its growth across all industries will take off over the next decade, which should translate into increased usage across the insurance industry too.
Blockchain Revenue, 2019-2030
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Key Players
Table of Contents
Frequently Asked Questions
GlobalData’s medical IoT in the insurance value chain comprises five segments: product development, marketing and distribution, underwriting and risk profiling, claims management, and customer service.
The global insurance spending on AI platforms was $1.2 billion in 2019.
The use cases for AR technology that insurers are adopting are live video claims software and risk visualization for estimating damage.
The retail property market size was valued at $167.2 billion in 2020.
Aon, Aviva, AXA, Covea, MS&AD, and Ping An are some of the leading insurance companies associated with the big data theme.
The blockchain software and services market size was worth $3.6 billion in 2020.
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