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Introduction

This report identifies and analyzes the key trends that will impact the global insurance sector in 2016 and what insurers and vendors should do in response.

Highlights

  • All regional markets will grow IT budgets, led by Latin America, but spend in the Asia-Pacific region will moderate in 2016. Digital channels are the top investment area, with fraud management and underwriting systems emerging strongly.

Features and Benefits

  • Allows insurers to assess the impact of key trends on their organization and markets.
  • Provides vendors with insight as to how the global insurance sector will develop and how they can best engage it.

Key questions answered

  • What are the key business and technology drivers impacting the global insurance sector?
  • How do the key business and technology drivers vary by region, sector, or organization size?

Table of contents

Summary

  • Catalyst
  • Ovum view
  • Key messages

Recommendations

  • Recommendations for enterprises
  • Recommendations for vendors

Business trends and technology enablers

  • Market improvement is accelerating the rate of change for the insurance industry
  • Insurers are increasingly confident about investing in IT
  • Latin America will see strong expansion of IT budgets in 2016
  • North American P&C insurers face cost challenges in 2016
  • Weak market growth continues to limit IT budgets in Europe
  • IT spend will moderate among insurers in Asia-Pacific

Digital channels remain the top area of IT investment

  • IT budget increases will impact most business areas
  • Enhancing the customer experience is driving investment in claims processing

IoT-based insurance products will become the norm over the next 36 months

  • Carriers are planning property insurance products now that feature IoT
  • The need to counter potential new entrants is driving investment in IoT offerings
  • Analytics to support customer retention is a key priority for P&C carriers
  • The inability to embed decision-making within processes is a barrier to the adoption of analytics

Appendix

  • Methodology
  • Further reading
  • Author

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