Market Research Report
The Impact of Alternative Providers in Insurance
|Published by||GlobalData||Product code||611830|
|Published||Content info||27 Pages
|The Impact of Alternative Providers in Insurance|
|Published: February 19, 2018||Content info: 27 Pages||
Insurance industry has seemingly awoken from a slumber in the last few years, and is now comparatively surging with innovative energy and insurtech propositions. But the most advanced technologies are rarely utilized, and with the industry still learning to build closer engagement with customers the market remains vulnerable to the entrance of alternative (or non-traditional) providers. The most disruptive alternative providers are likely to be technology specialists, as leveraging the latest technology will enable them to operate more efficiently and greatly improve the customer experience.
Advancements in technology and shifts in consumer behavior have created opportunities for companies to venture into markets that would not be considered their core operating area.With insurance often perceived as lagging behind on innovation relative to other sectors, there would appear to be a considerable opportunity for alternative providers to enter the insurance market, leveraging strengths and technological capabilities in order to gain market share.
Alternative providers include Google, Amazon, Facebook, and Apple. All well-established, respected brands and leaders within their respective markets, they offer significant disruption potential should they enter the insurance space.
Despite a previous failed venture within the insurance market, Google remains a potential alternative provider. The impact it could have is significant, largely the result of its technological capabilities, big data analytics, artificial intelligence (AI), and the development of autonomous vehicles.
Amazon poses a serious threat should it venture into the insurance industry. Renowned for customer service and the logistics behind this, should it collaborate with a current insurer it would vastly improve its technological capabilities, providing an edge over competitors.
Operating as a lone provider is unlikely to be a realistic option for Facebook. However, the social network's vast customer base and successful integration into everyday life could position it as an invaluable partner - particularly if it is able to break into the commercial space.
The report "The Impact of Alternative Providers in Insurance", provides an in-depth analysis of the potential disruption caused to the UK insurance market should an alternative provider such as Google or Apple seek to enter. Among the points discussed include whether consumers are open to purchasing insurance from an alternative provider, the potential collaboration opportunities for current providers, as well as some examples of collaboration already occurring across different markets.
Companies mentioned in this report: Google, Amazon, Facebook, Apple, O2, Munich Re, Swiss Re, Bought By Many, Trov, next, neos, Slice, Lemonade, CarlQ, Ignitia, Tyche, Wellthy Therapeutics, Vouch, Biovotion, Vitality, Willis Towers Watson, Accenture, Waymo, Chubb, App in the Air, FlightStats, Tesla, Direct Line, WeChat, Fubon Insurance, Aviva, HomeServe, JP Morgan, Berkshire Hathaway, Acko