Transforma Insights’ Insurance sector report discusses the impact of digital transformation technologies in the Insurance industry and includes analysis of Insurance sector Case Studies drawn from Transforma Insights’ Best Practice & Vendor Selection Database.
The Insurance sector is amongst the most susceptible to digital transformation-enabled change of all industries. At the core of insurance is the concept of risk-transfer (from an insured party to an insurance carrier), and the availability of more high-quality information about a risk, and enhanced analysis of that information, can result in more accurate pricing and a more efficient market overall. Concepts such as IoT allow insurance offerings to be extended to support new propositions (such as insurance for servitised assets) and enhance services in already-established markets (with, for instance, usage-based insurance and new types of parametric insurance). Artificial Intelligence can play a significant role both in automating processes (for instance claims processing), and also in terms of assessing risks at a level of granularity that might not have been feasible before.
Overall, we have identified nine key domains of change in the insurance sector, each of which is discussed in more detail in this report. The list comprises:
A recent blogpost summarises some of the key findings: 'Nine key domains of change in the Insurance sector'