Insurance Global Trends in 2017

A brief summary of the key regional trends :

  • Analytics, Customer Centricity and Digital Innovation achieve similar scores across all our regions.
    • Customer-Centricity trails marginally in North America.
    • Noteworthy is the perfect score of 60 attained for Digital Innovation in Asia-Pacific, which indicates that this was the number-one priority here in all four measures underlying the priority score (money, time, staffing and training).
  • Underwriting and Risk Management both score considerably higher in North America than they do elsewhere – as we saw in the first priorities table, Underwriting is 3rd in the list of priorities in North America, despite not getting above 7th place in any other regions, and its Risk Management score is more than 80% higher than the runner-up’s (Europe).
  • There is a step-up in focus on Claims in Europe and North America compared to Asia-Pacific.
  • With Distribution Diversification, we have the exact inverse scenario, with Asia-Pacific leading the pack, possibly a reflection of the emerging markets within it necessitating high-scale low-cost distribution, which traditional models cannot provide.
  • Fraud is also a marginally higher priority in Asia-Pacific.
  • Europe and Asia-Pacific lead North America with their focus on Internet of Things.
  • Cybersecurity and Mobile achieve similar (lowish) scores for all regions; Product Development is relatively high across the board.
  • Regulation is the biggest deal in Europe, where respondents quoted in particular Solvency II and the Insurance Distribution Directive (IDD) as being causes for concern.

InsuranceNexus

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