The Future of Insurance

The Future of Insurance

Opportunities for Innovation in Emerging Markets, Technologies, Business Models, and Operations

RELEASE DATE
31-Dec-2018
REGION
Global
Research Code: K339-01-00-00-00
SKU: CI00596-GL-MT_22763

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CI00596-GL-MT_22763

$6,000.00

$4,500.00 save 25 %

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Description

This study looks at the changing landscape of the insurance industry in terms of emerging insurable markets, new business models, evolution in operations, and the value chain, as well as disruptors and opportunities to various lines of insurance. Readers of the study will come away with insight into new markets, technologies, and trends that they may not have considered previously, as well as a thorough understanding of ways in which they can evolve their business models, operations, and value chain to keep pace with innovators and emerging technology. Innovation examples are provided throughout the study to serve as guideposts for insurers.

Frost & Sullivan looks at 24 emerging insurable markets that range from urbanization topics, such as mega cities and smart cities, to social trends that include Gen Z, Millennials, elderly, and the income divide. We also address numerous technology topics such as AI, AR/VR, the blockchain, wearables, implants, self-healing materials, and automation, as well as mobility topics like autonomous vehicles and shared transportation. For each market, an overview of the trend, as well as challenges that the trend presents and opportunities for insurers, is provided. Examples of industry best practices, notable activity, or case studies are provided for each market to illustrate movement in the industry in addressing the market.

Evolving business models assessed include prevention-as-a-service, usage-based insurance, ecosystem platforms, on-demand insurance, bundled offerings, value-added services, peer-to-peer insurance, and microinsurance. An explanation of the business model, its drivers, predictions on its future evolution, as well as current and future applications are provided. Examples of industry best practices, notable activity, or case studies are provided for each emerging business model.

Our review of evolving operations includes emerging data sources, AI, automation, core systems/IT infrastructure shifts, and personnel/culture shifts. Examples of industry best practices, notable activity, or case studies for each evolution in insurance operations are provided. The evolving value chain looks at emerging customer experiences and required insurance company capabilities across distribution and marketing, underwriting, policy servicing, and claims servicing.

When evaluating disruptors, we look at insurtech start-ups and non-traditional insurance participants such as Amazon. Finally, we identify opportunities across many lines of personal and business insurance. We have noted the expected impact of each insurable market trend on the lines of insurance business included. This study includes 37 examples of best practices in emerging areas of the insurance industry.

Author: Lauren Martin-Taylor

Table of Contents

Introduction

Transformations in Insurance Drive Discussions in the Boardroom

Future of Insurable Markets

Emerging Business Models

Evolving Operations

Insurance Industry Implications by Lines of Business

Future of Insurable Markets

Urbanization and Mega Cities

Smart Cities

Millennials

Elderly

Social Diversity

Gen Z

Income Divergence

Autonomous Vehicles

Shared Transportation (Car and Ride Sharing)

The Urban—Rural Divide

Wearables

Implants

Biological Augmentation

Behavioral Science and Gamification

Connected Living

Smart Devices

Blockchain

AI

Automation

Cyber Security

AR/VR

Self-healing Materials

Energy Storage

Natural Catastrophes

Notable Activities in Future Insurable Markets

Emerging Business Models—Introduction

Prevention-as-a-Service

Usage-based Insurance

Ecosystem Platform

On Demand

Bundled

Peer-to-Peer

Microinsurance

Value-added Services

Notable Activities in Emerging Business Models

Evolving Operations

Emerging Data Sources

AI

Automation

Core Systems/IT Infrastructure Shift

Personnel and Cultural Shift

Notable Activities in Evolving Operations

Customer Experiences in the Evolving Value Chain

Insurer Capabilities in the Evolving Value Chain

Insurtech Start-ups

Non-traditional Participants

Evolving Markets’ Impact on Personal Lines of Business

Insurance Industry Implications by Lines of Business

Evolving Markets’ Impact on Business Insurance Lines

Insurance Industry Implications by Lines of Business

Key Takeaways

Legal Disclaimer

List of Exhibits

List of Figures
  • 1. Female Labor Participation Rate for Developing and Developed Countries, Global, 2018–2021
  • 2. LBGT Economic Contribution, US, 2015
  • 3. Evolving Market Impact on Personal Lines of Business—Degree of Impact, Global, 2025
  • 4. Evolving Market Impact on Business Insurance Lines—Degree of Impact, Global, 2025
List of Charts
  • 1. Urbanized Population, Global,1950, 2014, 2050
  • 2. Population Proportion and Number of Cities by Class, Global, 2050, 2015, 2030
  • 3. Insurance Ownership by Generation, US, 2015
  • 4. Old-age Dependency Ratio* Selected Countries, 2050
  • 5. Number of International Migrants, Past and Projected*, Global, 2000–2050
  • 6. Population Breakdown by Age, Global, 2030*
  • 7. Adult Population and Share of Total Wealth by Wealth Group, Global, 2017
  • 8. Population Distribution by Income, Global, 2011
  • 9. Autonomous Vehicles, Global, 2018–2030
  • 10. Shared Transportation Market (Car and Ride Sharing): Number of Vehicles, Members, and Revenue, Global, 2018 and 2025
  • 11. Household Car Ownership Based on Urban/Rural Divide, England, 2002/2003–2014/2015
  • 12. Reasonable Citizen Access to Key Service Locations Via Public Transportation, UK, 2013
  • 13. Population Use of Ride Hailing Services, US, 2015
  • 14. Wearables of the Future, Global, 2018–2030
  • 15. Implants of the Future, Global, 2018–2030
  • 16. Human Biological Augmentation of the Future, Global, 2018–2030
  • 17. Connected Living, Global, 2020
  • 18. Connected Home, Global, 2020
  • 19. Connected Work, Global, 2020
  • 20. Connected City, Global, 2020
  • 21. Per Capita Cost of Data Breach, Global Averages, 2014–2018
  • 22. Insurtech Start-ups, Global, 2018
Related Research
This study looks at the changing landscape of the insurance industry in terms of emerging insurable markets, new business models, evolution in operations, and the value chain, as well as disruptors and opportunities to various lines of insurance. Readers of the study will come away with insight into new markets, technologies, and trends that they may not have considered previously, as well as a thorough understanding of ways in which they can evolve their business models, operations, and value chain to keep pace with innovators and emerging technology. Innovation examples are provided throughout the study to serve as guideposts for insurers. Frost & Sullivan looks at 24 emerging insurable markets that range from urbanization topics, such as mega cities and smart cities, to social trends that include Gen Z, Millennials, elderly, and the income divide. We also address numerous technology topics such as AI, AR/VR, the blockchain, wearables, implants, self-healing materials, and automation, as well as mobility topics like autonomous vehicles and shared transportation. For each market, an overview of the trend, as well as challenges that the trend presents and opportunities for insurers, is provided. Examples of industry best practices, notable activity, or case studies are provided for each market to illustrate movement in the industry in addressing the market. Evolving business models assessed include prevention-as-a-service, usage-based insurance, ecosystem platforms, on-demand insurance, bundled offerings, value-added services, peer-to-peer insurance, and microinsurance. An explanation of the business model, its drivers, predictions on its future evolution, as well as current and future applications are provided. Examples of industry best practices, notable activity, or case studies are provided for each emerging business model. Our review of evolving operations includes emerging data sources, AI, automation, core systems/IT infrastructure shifts, and personnel/cu
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Table of Contents | Introduction~ || Introduction~ || Transformations in Insurance Drive Discussions in the Boardroom~ | Executive Summary~ || Future of Insurable Markets~ || Emerging Business Models~ || Evolving Operations~ || Insurance Industry Implications by Lines of Business~ | Future of Insurable Markets~ || Future of Insurable Markets~ || Urbanization and Mega Cities~ || Smart Cities~ || Millennials~ || Elderly~ || Social Diversity~ || Gen Z~ || Income Divergence~ || Autonomous Vehicles~ || Shared Transportation (Car and Ride Sharing)~ || The Urban—Rural Divide~ || Wearables~ || Implants~ || Biological Augmentation~ || Behavioral Science and Gamification~ || Connected Living~ || Smart Devices~ || Blockchain~ || AI~ || Automation~ || Cyber Security~ || AR/VR~ || Self-healing Materials~ || Energy Storage~ || Natural Catastrophes~ || Notable Activities in Future Insurable Markets~ | Emerging Business Models in Insurance~ || Emerging Business Models—Introduction~ || Prevention-as-a-Service~ || Usage-based Insurance~ || Ecosystem Platform~ || On Demand~ || Bundled~ || Peer-to-Peer~ || Microinsurance~ || Value-added Services~ || Notable Activities in Emerging Business Models~ | Evolving Operations~ || Evolving Operations~ || Emerging Data Sources~ || AI~ || Automation~ || Core Systems/IT Infrastructure Shift~ || Personnel and Cultural Shift~ || Notable Activities in Evolving Operations~ | The Evolving Value Chain~ || Customer Experiences in the Evolving Value Chain~ || Insurer Capabilities in the Evolving Value Chain~ | Disruptors~ || Insurtech Start-ups~ || Non-traditional Participants~ | Implications to Insurance Lines of Business~ || Evolving Markets’ Impact on Personal Lines of Business~ || Insurance Industry Implications by Lines of Business~ || Evolving Markets’ Impact on Business Insurance Lines~ || Insurance Industry Implications by Lines of Business~ | Key Takeaways~ || Key Takeaways~ || Legal Disclaimer~ | Appendix~ || List of Exhibits~
List of Charts and Figures 1. Female Labor Participation Rate for Developing and Developed Countries, Global, 2018–2021~ 2. LBGT Economic Contribution, US, 2015~ 3. Evolving Market Impact on Personal Lines of Business—Degree of Impact, Global, 2025~ 4. Evolving Market Impact on Business Insurance Lines—Degree of Impact, Global, 2025~| 1. Urbanized Population, Global,1950, 2014, 2050~ 2. Population Proportion and Number of Cities by Class, Global, 2050, 2015, 2030~ 3. Insurance Ownership by Generation, US, 2015~ 4. Old-age Dependency Ratio* Selected Countries, 2050~ 5. Number of International Migrants, Past and Projected*, Global, 2000–2050~ 6. Population Breakdown by Age, Global, 2030*~ 7. Adult Population and Share of Total Wealth by Wealth Group, Global, 2017~ 8. Population Distribution by Income, Global, 2011~ 9. Autonomous Vehicles, Global, 2018–2030~ 10. Shared Transportation Market (Car and Ride Sharing): Number of Vehicles, Members, and Revenue, Global, 2018 and 2025~ 11. Household Car Ownership Based on Urban/Rural Divide, England, 2002/2003–2014/2015~ 12. Reasonable Citizen Access to Key Service Locations Via Public Transportation, UK, 2013~ 13. Population Use of Ride Hailing Services, US, 2015~ 14. Wearables of the Future, Global, 2018–2030~ 15. Implants of the Future, Global, 2018–2030~ 16. Human Biological Augmentation of the Future, Global, 2018–2030~ 17. Connected Living, Global, 2020~ 18. Connected Home, Global, 2020~ 19. Connected Work, Global, 2020~ 20. Connected City, Global, 2020~ 21. Per Capita Cost of Data Breach, Global Averages, 2014–2018~ 22. Insurtech Start-ups, Global, 2018~
Author Lauren Taylor
Industries Cross Industries
WIP Number K339-01-00-00-00
Is Prebook No
GPS Codes 9A3B