Innovation in Insurance – Leading Trends and Themes

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All the vital news, analysis, and commentary curated by our industry experts.

Exploring trends and insights from the ‘Innovation in Insurance’ report will help you:

  • Analyze the leading trends and themes in the insurance industry and understand their impact.
  • Identify the top innovations impacting the insurance industry – Personalization, AI, Online Services, Blockchain and the Metaverse, Embedded Insurance, Cyber Insurance, Parametric Insurance, and Electric vehicles (EVs)​.
  • Gain an in-depth understanding of each innovation and understand it better to gain a competitive advantage in the market.

How is the ‘Innovation in Insurance’ report unique from other reports in the market?

  • Get a detailed overview of the areas across the insurance value chain where innovation is making an impact.
  • Benchmark your innovation efforts compared to leaders within specific themes.
  • Understand the positive effects of innovation and new product development on clients and consumers in the insurance industry.
  • Assess how insurers are helping businesses and individuals improve cyber hygiene in conjunction with cyber insurance coverage.

We recommend this valuable source of information to anyone involved in:

  • ​​Insurance Companies and Start-Ups
  • Brokers/Agents, Financial Advisors, Underwriters/Insurers/Reinsurers
  • Insight Managers/Marketing Executives/Strategy Teams/Investment Analysts and Portfolio Managers
  • Business Development and Market Intelligence
  • Professional Services – Investment Banks, PE/VC firms
  • M&A/Investment, Management Consultants and Consulting Firms

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Innovation in Insurance Market Report Overview

Insurance companies are increasingly using smart and connected devices to reward positive behavior across a variety of lines. Younger demographics are showing a greater willingness to use these products and share the data they generate with insurers, making this a key innovation in maintaining demand going forward. AI technology is becoming increasingly disruptive within the insurance industry due to the benefits it can provide across all areas of the insurance value chain.

The innovation in insurance market research report discusses some of the ways insurance companies are innovating across the insurance value chain. In addition to regional general and life insurance overviews, the report discusses some leading themes and topics in the industry. The key themes mentioned in this report include artificial intelligence, blockchain, and cyber insurance.

Key Themes ·       Personalization

·       Artificial Intelligence

·       Online Services

·       Blockchain and The Metaverse

·       Embedded Insurance

·       Cyber Insurance

·       Parametric Insurance

·       Electric Vehicles

Key Players ·       Amazon

·       Samsung

·       Apple

·       Oscar Health

·       Google

·       Swiss RE

·       Dacadoo

·       Aviva

·       Zego

·       Uber

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Innovation in Insurance – Key Themes

The key innovations in the insurance market are personalization, artificial intelligence, online services, blockchain and the metaverse, embedded insurance, cyber insurance, parametric insurance, and electric vehicles.

Personalization: Consumers are most incentivized to share smart home device data with their insurer in return for financial savings (i.e., on home insurance premiums). It is of note that smart home devices are more popular among younger generations. Existing home insurers may soon have to compete with top big tech companies like Google (Nest) and Amazon (Echo), among others. These businesses will be able to penetrate the home insurance market more forcefully than any disruptive insurtech could hope to due to the large amounts of data their products gather.

Artificial Intelligence: Strong growth is expected in the industry due to the transformative power AI can have. Insurance industry insiders believe that AI can positively affect all areas of the insurance value chain. An insurer can utilize the wealth of data points they have access to and assess a client’s risk profile using AI tools. This will result in faster and more accurate conclusions than traditional underwriting techniques. AI technology can automate the claims process and prevent fraud as well.

Online Services: Chatbots and virtual assistants can speed up and enhance the customer experience via increased personalization. They can also help insurers gather data on consumers thus helping them discover trends in buying behavior and allowing insurers to customize experiences. Tailoring policies around individuals can help keep premiums down by only insuring what is necessary.

Which Area of The Value Chain is Most Positively Impacted By AI? 2022 (%)

Which Area of The Value Chain is Most Positively Impacted By AI? 2022 (%)

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Innovation in Insurance - Competitive Landscape

The key insurance players are Amazon, Samsung, Apple, Oscar Health, Google, Swiss RE, Dacadoo, Aviva, Zego, and Uber.

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Scope

  • Younger demographics are showing a greater willingness to use telematics devices and share the data they generate with insurers, making this a key innovation for maintaining demand going forward.
  • The emergence of generative AI and ChatGPT is creating opportunities for insurers.
  • Insurers are helping businesses and individuals improve cyber hygiene in conjunction with cyber insurance cover.

Key Highlights

  • Big data and analytics, AI, and blockchain are some of the most discussed topics in insurance.
  • Younger demographics are showing a greater willingness to use these products and share the data they generate with insurers, making this a key innovation for maintaining demand going forward.
  • The emergence of the metaverse and Web 3.0 is opening opportunities for insurers to make use of virtual reality to conduct business.
  • Use cases for blockchain technologies are beginning to emerge after a few years of hype.
  • Insurers are helping businesses and individuals improve cyber hygiene in conjunction with cyber insurance cover.

Amazon
Samsung
Apple
Oscar Health
Google
Swiss RE
Dacadoo
Aviva
Zego
Uber
Deliveroo
Stuart
LexisNexis
Qumata
AIA Group
CCC Intelligent Solutions
Shift Technology
SBI General
WhatsApp
Lemonade
Gupshup
Gigaforce
Coalition
OpenAI
Helvetia
Zurich
IBM
Kaleido
Chainlink
Tokio Marine
AXA
Sandbox
Airbnb
EE
Skyscanner
Cover Genuis
Generali
Tesla
Liberty Mutual
Fetch
FirstVet
Fletch
Bubble
Cowbell
Allianz
Blink Parametric
Descartes
Arbol
Qover

Table of Contents

Industry Overview

Personalization

Artificial Intelligence

Online Services

Blockchain and the Metaverse

Embedded Insurance

Cyber Insurance

Parametric Insurance

Electric Vehicles

Appendix

Frequently asked questions

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