Tomorrow’s Insurance Products: Futuristic Suggestions for P&C and Life Insurers
Report Summary
Tomorrow’s Insurance Products: Futuristic Suggestions for P&C and Life Insurers
The insurance industry is not condemned to stagnation in developed markets but it is fated to tackle harder problems.
Boston, October 19, 2017 – In developed markets, the major threat faced by property and casualty (P&C) and life insurers is not competitive disruption by insurtech players. Low interest rates aside, their biggest threats range from a lack of or slow growth in existing lines of business, to the expected decline of some important lines of business as technology shrinks risk pools, to traditional actuarial techniques’ difficulty with addressing emerging risk pools with rapidly shifting risk characteristics, and to the sheer complexity of the arsenal required to address untapped opportunities. To confront those challenges, insurers will need to raise the bar in their product management efforts. Highly successful product innovation is easier said than done, however. Often, it starts with dreaming up a future state, not merely trying to predict it.
This report lays out a futuristic use case in food-quality insurance and provides a snapshot of additional futuristic product ideas. It draws on interviews and discussions with several hundred insurers, reinsurers, brokers, technology vendors, startups, and venture capitalists over the past 24 months as well as Aite Group microsurveys of consumers and small businesses conducted in 2017 and Aite Group’s online survey of 3,957 U.S. homeowners conducted in June and July 2017.
This 25-page Impact Note contains eight figures and two tables. Clients of Aite Group’s Life Insurance or P&C Insurance services can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions Adept Driver, AIG, AllClear ID, Amazon, Chubb, Concentric Advisors, CyberScout, eDriving, Fitbit, Google, IBM, ID Experts, Insure App, K2 Intelligence, Melius, Munich Re’s HSB, Nestlé, Personal Capital, Privilege Underwriters Reciprocal Exchange (PURE), Provenance, The Vitality Group, Tomorrow, and Walmart.