2016年-普华永道全球_Opportunities_await_How_InsurTech_is_reshaping_insurance_20页_566kb

Summary of "Opportunities await: How InsurTech is reshaping insurance"

Core Content

The document "Opportunities await: How InsurTech is reshaping insurance" from the PwC Global FinTech Survey 2016 provides an in-depth analysis of how InsurTech is transforming the insurance industry. It highlights the growing impact of FinTech on insurance, the challenges and opportunities it presents, and the strategic considerations for incumbent insurers to remain competitive.

Main Points

1. Perception of Disruption

• 74% of insurance companies believe that some part of their business is at risk of disruption from FinTech.
• 32% of insurers do not engage with FinTech at all.
• 90% of insurance executives believe that at least part of their business is at risk from FinTech, indicating a high level of awareness.

2. Threats and Opportunities

• Top threats include margin pressure (73%) and loss of market share (69%).
• Opportunities are primarily focused on cost reduction and enhancing customer experience.
• Cost reduction is seen as the most significant opportunity, with cloud-based platforms offering substantial savings compared to traditional mainframe systems.

3. Innovation Drivers

• New customer needs and deeper risk insights are the main innovation drivers.
• Insurers are increasingly using technology to improve operations, customer service, and underwriting processes.

4. Digital Transformation

• Insurers are working to close the digital gap around customer centricity and digital channels.
• Self-directed services are the most important and likely to be addressed trend, especially by younger demographics like millennials.
• Usage-based insurance (UBI) is a growing trend, enabling personalized insurance solutions based on real-time data from sensors and telematics.

5. Risk Insights and Predictive Analytics

• IoT and sensor technology are enabling deeper risk insights, allowing insurers to monitor behaviors and conditions in real-time.
• Telematics is being used to assess driving behavior, with potential for significant growth in the coming years.
• Drones and image analytics are helping in claims assessment by providing remote and real-time data.

6. Risk Management and Prevention

• Insurers are moving from reactive protection models to proactive prevention models.
• Predictive analytics and AI are playing a key role in identifying and mitigating risks, enabling more granular underwriting and pricing strategies.

7. Emerging Trends and Future Scenarios

• Shared economies and self-driving cars are expected to disrupt the insurance landscape, particularly in auto insurance.
• Risk slicing is becoming more prevalent, allowing for more tailored insurance products based on usage and behavior.
• AI is expected to improve efficiency, effectiveness, and risk assessment, potentially transforming core insurance operations.

8. Connected Health

• Connected health and P4 Medicine are helping life insurers better understand and manage health risks.
• Wearables and genetic data are being used to predict and prevent health issues, offering new revenue streams and personalized insurance solutions.

9. Blockchain and Smart Contracts

• Blockchain is under-explored by insurers but holds significant potential for streamlining processes and enhancing security.
• Use cases include shared economies, auto-settlement claims, and frictionless capital flows.
• Smart contracts and DAC (Distributed Autonomous Corporations) are being explored to create new insurance contracts and models.

Key Insights

• High awareness of FinTech disruption exists among insurers, but investment and innovation lag behind.
• Cost reduction is the primary opportunity, with cloud-based platforms and automation being key enablers.
• Customer centricity and digital channels are critical areas for improvement.
• Data and technology are enabling deeper risk insights, personalization, and real-time service delivery.
• AI and IoT are reshaping underwriting, claims processing, and risk management.
• Blockchain is a promising technology for operational efficiency and new insurance models.

Conclusion

The insurance industry is at a crossroads, with FinTech posing both challenges and opportunities. While many insurers recognize the potential for disruption, they are still largely reactive in their approach. To stay ahead, they must adopt a proactive mindset, invest in innovation, and explore emerging technologies such as AI, IoT, and blockchain. These technologies can help insurers improve efficiency, reduce costs, and deliver more personalized and proactive insurance solutions.