Personalization in Insurance – Thematic Intelligence

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Personalization in Insurance Thematic Report Overview

Insurance companies are recognizing the value of personalized policies to attract and retain customers. Insurers can personalize policies based on policyholder behaviors, preferences, and risk profiles, with unprecedented accuracy by leveraging AI and machine learning algorithms. Personalized policies not only provide customers with coverage that meets their specific requirements but also demonstrate an understanding of their unique circumstances, fostering trust and loyalty.

The ‘Personalization in Insurance’ thematic intelligence report gives you an in-depth insight into the personalization theme and the impact it will have on the insurance industry. It further entails a deep-dive analysis of the industry, including real-life use case studies that showcase how the insurance companies have responded to the impact of this theme on their operations. The report identifies the key market trends that will shape the personalization theme over the coming years and gives an insight into the market players and the competitive landscape within the theme.

Report Pages 69
Regions Covered Global
Value Chain ·        Product Development

·        Marketing and Distribution

·        Underwriting and Risk Profiling

·        Claims Management

·        Customer Service

Key Trends ·        Technology Trends

·        Macroeconomic Trends

·        Regulatory Trends

Leading Companies ·        Admiral

·        Allianz

·        Aviva

·        Bright Health Group

·        Bupa

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Personalization in Insurance – Key Trends

The primary trends that will shape the personalization theme over the next 12 to 24 months are classified into technology trends, macroeconomic trends, and regulatory trends.

  • Technology trends: The key technology trends impacting the personalized theme are integration of advanced technologies such as artificial intelligence (AI), generative (AI), Internet of Things (IoT), and big data will have a profound impact on the personalization theme. Moreover, wearable tech, and the use of telematics to monitor and collect data allows insurers to personalize insurance policies based on a policyholder’s specific characteristics.
  • Macroeconomic trends: Economic conditions characterized by high inflation, low consumer confidence, and elevated borrowing rates will significantly impact the personalization theme in the insurance industry. Additionally, changing demographics, climate and sustainability considerations, geopolitical issues, health trends, and generation rent are a few of the key macroeconomic trends expected to drive the market.
  • Regulatory trends: Cybersecurity, data protection regulations, and AI regulation to address potential risks and ensure responsible deployment are part of the regulatory trends impacting the personalization in insurance theme.

Personalization in Insurance – Industry Analysis

Personalization in insurance for personal line products, including motor, home, travel, and pet insurance, involves tailoring coverage to meet the specific needs and preferences of individual policyholders. Insurers utilize various data points, ranging from simple to advanced, to gather insights into each customer’s unique risk profile, behaviors, and lifestyle.

Claims handling processes represent another critical area where personalization can make a difference. Insurers can streamline claims processing and tailor communication channels to suit individual preferences by leveraging advanced analytics and automation.

The personalization in insurance industry analysis also covers:

  • The personal insurance markets
  • The commercial insurance markets
  • Life and health insurance
  • Timeline

Personalization in Insurance Market, 2019-2030

Personalization in Insurance Market, 2019-2030

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Personalization in Insurance - Value Chain Analysis

The personalized value chain consists of product development, marketing and distribution, underwriting and risk profiling, claims management, and customer service.

Product Development: Product development is a pivotal stage in the insurance value chain, and its significance is particularly pronounced in the context of the personalization theme within insurance. Insurers leverage this stage to create insurance products that align closely with the unique needs and preferences of individual policyholders.

Personalized insurance products crafted during the product development stage that not only enhance customer satisfaction but also contribute to improved risk assessment, pricing accuracy, and overall customer experience.

Insurance Industry Value Chain Analysis

Insurance Industry Value Chain Analysis

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Leading Companies

A few leading insurance companies making their mark within the personalized theme are:

  • Admiral
  • Allianz
  • Aviva
  • Bright Health Group
  • Bupa

Admiral: In December 2023, Admiral announced that it had bought RSA’s UK direct home and pet personal lines insurance operations. Under the agreement, RSA will also transfer new business franchises, as well as certain operations, brands, data, renewal rights, and some 300 personnel, to Admiral.

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Life Insurance Sector Scorecard

At GlobalData, we use a scorecard approach to predict tomorrow’s leading companies within each sector. Our power sector scorecard has three screens: A thematic screen, a valuation screen, and a risk screen.

  • The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance.
  • The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.
  • The risk screen ranks companies within a particular sector based on overall investment risk.
  • The personalization in insurance – thematic intelligence report also includes non-life insurance sector scorecard

Life Insurance Sector Scorecard – Thematic Screen

Life Insurance Sector Scorecard – Thematic Screen

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Scope

• GlobalData’s 2023 UK Insurance Consumer Survey indicates that the cost of premiums is a primary concern for 34.2% of consumers.

• There is varying interest in usage-based insurance policies based on potential premium savings, with 16.8% interested if it saved them 10%.

• The primary motivation for homeowners to consider sharing data from smart home devices with a home insurance company is financial savings, with 70.4% of respondents selecting this option as per GlobalData’s 2023 UK Insurance Consumer Survey.

• According to GlobalData surveying, SMEs rank improved safety measures as the most important feature of usage-based insurance.

Key Highlights

  • Scientific overview of personalization
  • Studies of emerging technological trends and their broader impact on the market.
  • Analysis of the various military and civilian hypersonic technologies programs currently under development, their history, and projections on future development initiatives.

Reasons to Buy

  • Determine potential investment companies based on trend analysis and market projections.
  • Gaining an understanding of the market challenges and opportunities surrounding the personalization theme.
  • Understand how spending on personalization will fit into the overall market and which spending areas are being prioritized.

StateFarm
Farmers
Lemonade
Amica
Hippo
Blink
Sompo Holdings
AIA
Aviva
Admiral
Allianz
Bright Health Group
Bupa
Chubb
Cuvva
Dacadoo
DeadHappy
Descartes
Direct Line
Discovery
FloodFlash
Flock
GetSafe
Hiscox
Ladder
Marshmallow
Metromile
Next Insurance
Oscar Health
Ping An
Root
Tapoly
Tokio Marine
Tractable
Trov
Viatlity
Yu Life
Zego

Table of Contents

  • 1. Executive Summary
  • 2. Players
  • 3. Thematic Briefing
  • 4. Trends

    • 4.1. Technology trends
    • 4.2. Macroeconomic trends
    • 4.3. Regulatory trends
    • 4.4. Aerospace and defense trends

  • 5. Industry Analysis

    • 5.1. The personal insurance market
    • 5.2. The commercial insurance market
    • 5.3. Life and health insurance
    • 5.4. Timeline

  • 6. Signals

    • 6.1. Mergers and acquisitions
    • 6.2. Venture financing

  • 7. Value Chain

    • 7.1. Product development
    • 7.2. Marketing and distribution
    • 7.3. Underwriting and risk profiling
    • 7.4. Claims management
    • 7.5. Customer service

  • 8. Companies
  • 9. Sector Scorecards

    • 9.1. Life Insurance sector scorecard
    • 9.2. Non-life insurance sector scorecard

  • 10. Glossary
  • 11. Further Reading
  • 12. Our Thematic Research Methodology
  • 13. About GlobalData
  • 14. Contact Us

Frequently asked questions

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