Capgemini_Efma-2019年全球保险科技报告（英文）-2019.11-32页_2mb

World InsurTech Report 2019 Summary

Core Content

The World InsurTech Report 2019 highlights the transformative impact of digital innovation and collaboration on the insurance industry. It outlines the key trends, challenges, and strategies that will define the future of the insurance marketplace, emphasizing the need for insurers to adapt to new customer expectations, evolving business models, and the rise of new players, including BigTech firms and InsurTech startups.

Main Viewpoints

• Tectonic Shift in the Insurance Industry:

  • Customer expectations are evolving, and new business models are driving the industry toward a more integrated, digital, and customer-centric marketplace.
  • Traditional insurers and InsurTechs are increasingly recognizing the necessity of collaboration to meet these new demands and create a more comprehensive offering.

• Customer-Centric Digital Offerings:

  • The future marketplace will feature a "bouquet of offerings" that address both financial and non-financial needs, providing greater perceived value than single offerings.
  • Customers demand simplicity, personalization, and ease of access, which will be central to the success of digital products.

• New Business Models:

  • Usage-based insurance and on-demand coverage are gaining traction as innovative ways to meet customer needs.
  • Parametric insurance and microinsurance are emerging as tools to cover previously uninsured risks and serve low-income populations.

• BigTech and InsurTech Integration:

  • BigTech firms like Alibaba, Google, and Apple are entering the insurance market with their vast data and analytics capabilities, offering highly personalized services.
  • These firms are building ecosystems that cater to customer needs and are attracting buyers who are open to new services.

• Collaboration Between Incumbents and InsurTechs:

  • Incumbents and InsurTechs should work together to enhance competencies and prepare for the future marketplace.
  • Strategic partnerships can lead to faster time-to-market, shared economies of scale, and more effective risk management.

• Ecosystem Evolution:

  • The insurance industry is moving toward a marketplace model, where new ecosystem roles are emerging based on competencies, market needs, and external factors.
  • Insurers must identify their most compelling value propositions and find the right position within the ecosystem.

• Digital Transformation and Innovation:

  • A structured approach to product development is essential for success, including understanding customer preferences, selecting the right partners, and designing a compelling go-to-market strategy.
  • Insurers must break down internal silos, embrace open platforms, and develop intelligent processes to stay competitive.

• Fundamental Shifts in the Operating Model:

  • Four key shifts are necessary to realize the full potential of the structured approach: focus on experience, data management, partnerships, and shared access.
  • These shifts are critical for creating a future-state insurance marketplace that is agile, customer-focused, and integrated.

Key Information

Customer Expectations

• Customers now expect personalization, flexibility, and ease of access in insurance offerings.
• Nearly 50% of policyholders consider add-on services, personalization, and flexible options when deciding to continue with their insurer.

Digital Channels

• Over 50% of customers prioritize mobile and internet-based insurance transactions.
• Simplified and standardized digital products are essential for customer understanding and satisfaction.

New Business Models

• Usage-based insurance tailors premiums based on behavior.
• On-demand insurance provides cost-effective, convenient coverage as needed.
• Parametric insurance offers coverage based on predefined triggers.
• Microinsurance delivers affordable coverage to low-income customers.

Collaboration

• Incumbent-InsurTech collaboration is seen as a way to enhance competencies and create integrated offerings.
• Bancassurance 2.0 is a successful example of how banks and insurers can integrate advisory processes and deliver digital insurance solutions.

Ecosystem Development

• The future insurance ecosystem will involve bundling services, digital platforms, and cross-industry partnerships.
• Insurers must leverage data, build open platforms, and focus on customer experience to remain relevant.

Future Marketplace Characteristics

• The marketplace will be more personalized, more integrated, and more agile.
• Insurers will need to act as partners and preventers, not just traditional payers, to meet customer needs.

Examples of Innovation

• DFV offers a fully digital insurance platform with real-time processing and a simplified product portfolio.
• HomeFlix combines insurance with additional services like laundry and maintenance.
• Allianz collaborates with Cisco, Apple, and Aon to provide comprehensive cyber insurance.
• FRIDAY offers digital automotive insurance with features like paperless administration and flexible billing.

Conclusion

The World InsurTech Report 2019 underscores the need for digital transformation, collaboration, and innovation to thrive in the future insurance marketplace. Insurers must shift from traditional models to more customer-centric, data-driven, and ecosystem-integrated approaches. The report predicts that digital platforms, new business models, and cross-industry partnerships will be the pillars of success in this evolving landscape.