target audience: TECH SUPPLIER Publication date: Apr 2024 - Document type: IDC Survey - Doc Document number: # US51438724
Inside Embedded Insurance: A Comprehensive View Through IDC Survey Insights
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Abstract
This IDC Survey presentation focuses on the evolution of AI adoption trends in insurance. The study examines the responses of 223 insurance providers across all regions, involving insurers from the U.S., Canada, the U.K., Germany, France, Italy, Poland, Sweden, Saudi Arabia, the UAE, South Africa, Singapore, India, and Australia.
In their drive to differentiate insurance offerings, insurers are forging partnerships across industries, shifting focus from products to services. Despite industry consensus, 9% of insurers believe there's no impact, challenging norms. Insurers are proactively reaching customers through digital channels, teaming up with aggregators and utilizing digital platforms to expand their reach. Data monetization becomes crucial amid challenges, with insurers exploring new revenue avenues. They prioritize transitioning to service-oriented models, leveraging data strategies. Early exploration of embedded insurance through tech partnerships is underway, yet to be fully exploited.
Insurers prioritize service-oriented models, offering white-labeled insurance and add-ons, while exploring digital wallet and cyber-insurance. Governance challenges include establishing trust, secure data exchange, and compliance with regulations. Insurers also vie for ownership of customer relationships, emphasizing collaboration with KYC-compliant partners. Adaptation, partnership clarity, and data security are key in navigating ecosystem-driven shifts in the digital economy.
This is the fourth presentation from the Insurance Industry Outlook: IDC's Financial Insights Survey, 2023, series.
"As insurers forge alliances across sectors, transitioning from products to services, the industry faces a pivotal question: Will insurance finally be bought and not sold? Amidst this digital revolution, the quest for customer-centricity remains paramount. Insurers are navigating uncharted waters, leveraging technology and strategic partnerships to redefine the future. From embedded insurance to data monetization, innovation is the name of the game. But with great opportunity comes great challenge — a balancing act of trust, security, and regulatory compliance. In this dynamic ecosystem, insurers are not just protecting assets; they are safeguarding relationships, ushering in a new era of customer-centricity," said Davide Palanza, research manager, IDC's Financial Insights Europe.