New trends in the insurance market include an extended ecosystem, a culture of sharing, more mobility, new market opportunities and customer experience, according to Eva Dewor, managing director of Europe, America and Latin America for Accenture Finance and Risk Services.
Dewor explained that while most insurers focus their efforts on differentiation and customer experiences, new players, including the likes of IKEA, Apple, Uber and Metromile, are changing the game.
She revealed that 76 percent of insurers believe a more fluid workforce will improve innovation. Another stat showed that 75 percent of insurers expect a major transformation of the insurance value chain in the next five years.
In addition, Dower noted that 72 percent of insurers are planning to form new distribution partnerships in the near future, or have already done so, while 44 percent of insurers consider connected devices to be a driver of revenue growth.
It was also revealed that 63 percent of insurers are prioritising the use of data for needs-based selling. Dower also suggested that by 2020, over 50 million US drivers will have tried usage-based insurance.
She went on to explain that cybercrime is big business, and that technology companies are targeted for their data while financial companies are targeted for their monetary benefits.
She said: “Cyber risk can manifest itself across several dimensions, making it difficult to detect, measure and control.”
Dower concluded by suggesting five key priorities to help manage cyber-risks effectively: training and risk culture; more controls; management with a purpose; an operating model; and resilience.
