Predict and Prevent – Insurance on the Cusp of Tumultuous Tech Transformation

The days of traditional insurance are slowly fading with the advent of emerging technologies to better manage risk, automate claims, and enrich customer experiences. In this evolution, the sector is switching from the current ‘find and fix’ approach to ‘predict and prevent’, the trend which will accelerate as its stakeholders become more cognizant of the new technologies.

Emerging technologies are becoming indispensable components across the sector value chain to benefit both insurers and their customers. AI, IoT, big data, blockchain, and cloud are acting as catalysts to spur the next wave of growth in insurance. The report focuses on how the insurance sector is leveraging emerging technologies to drive innovation and marching towards massive transformation.

Scope

– Theme Exposure Map: presents the top themes impacting the sector over the last three years compared to other sectors.

– Patent Filings Chart: displays the top ten themes in the sector with the highest number of patent filings over the last three years.

– Innovation Map: key real-world innovation use cases of emerging technologies implemented by enterprises and startups in the sector.

– Innovation Insights: innovation examples by each value chain segment of the sector to present key trends.

– Vendor Map: represents a sample list of vendors in each use case highlighted in the report.

Key Highlights

Innovations: presents real-world innovation use cases and examples related to the implementation of emerging technologies by companies as well as startups in the insurance sector. It casts light on how tech-enabled innovations are transforming every segment of the sector value chain.

Reasons to buy

– No surprise that technology has been a driving force in business transformation for years, but the term ‘emerging technologies’ has all of the sudden became the key catalyst to drive the next wave of innovation across sectors.

– The sense of urgency weighs different across different sectors, where the direct customer-facing sectors are at the forefront compared to other capital-intensive sectors. Companies in one sector can take cues from successful innovations in other sectors to either draw analogies with existing products, services and processes or transfer strategic approaches for a revolutionary transformation.

– Against this backdrop, enterprises need to understand which emerging technologies are impacting their sector and how various companies are implementing them to meet various challenges.

– The innovation landscape report in insurance, published by GlobalData as part of an ongoing series, covers some of the key trends, use cases, and real-world examples related to the implementation of emerging technologies across the insurance sector value chain.

Companies mentioned

AgentSync, Corrigo, Kyobo, Cowbell, Majesco, Empryrean, GigaForce, Thai Re, Wrapper, Cuvva, CoverWallet, PolicyX.com, Aviva, Neosurance, BigFoot, GUARDHOG, ACORD, Genarali, Omniscience, Prodential, Slice Lab, Zesty.ai, Humn.ai, Noblr, HDFC ERGO, Clearcover, Ravin, KIDI, Tokio, Allstate, CogniSure, Skymatics, Humana, PFI Mega, Scanvate, Zipari, Cleansurance, Hawksoft, Marsh

Table of Contents

Table of Contents

1. Sector innovation insights: overview

2. What are the key sector strategic challenges faced?

3. Which technologies are helping the sector?

4. Theme exposure map: sector benchmarking

5 Patent filings: theme benchmarking

6 Innovation map by sector value chain: key use cases

6.1 Product Development

6.2 Marketing & Distribution

6.3 Underwriting & Risk Profiling

6.4 Claims Management

6.5 Customer Service

7 Vendor map by sector value chain: key use cases

8 Methodology

    Pricing

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