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Market Research Report

Maximizing Direct-to-Consumer Opportunities in Insurance

Published by GlobalData Product code 398029
Published Content info 40 Pages
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Maximizing Direct-to-Consumer Opportunities in Insurance
Published: December 31, 2016 Content info: 40 Pages
Description

Timetric's 'Insight Report: Maximizing Direct-to-Consumer Opportunities in Insurance' analyzes the emerging importance of the direct-to-consumer (D2C) channel in the insurance industry.

It provides:

  • An overview of the D2C channel in the insurance industry by analyzing the rise in adoption of D2C among insurers.
  • Analysis of growth opportunities and challenges with respect to D2C channels.
  • Insights into the growing popularity of D2C, and the market trends and drivers.
  • An understanding of D2C trends in other industries which are acting as catalysts in digital expectation among insurance customers.

Summary

Timetric's 'Insight Report: Maximizing Direct-to-Consumer Opportunities in Insurance' analyzes the state of the emerging online direct-to-consumer (D2C) channel in the global insurance industry.

The insurance industry is going through a phase of digital transformation. This process has impacted the entire business function, from underwriting to claims management.

The advance of technology has encouraged insurers to explore and establish D2C channels. According to the Global Insurance Industry Survey conducted by Timetric in May 2016, D2C emerged as a channel with growth prospects over the next 12 months.

The report also discusses the trends and drivers in the the adoption of D2C among insurers. The growing relevance of digital technology in insurance business models, and the need to strengthen digital capability are motivating insurers to develop D2C channels.

Insurers are also being forced to explore new and more effective channels to enable customer interaction following a decline in sales through brokers and agents, particularly in mature economies.

The ability to create a hybrid distribution model, combining agent-based capabilities with D2C platforms, is expected to become a particularly effective distribution strategy.

Scope

This report:

  • Analyzes the opportunities provided by D2C in terms of new products and business segments.
  • Discusses the evolution of distribution channels in the insurance industry, and also analyzes technological innovation in distribution.
  • Analyzes how insurers can enhance their offerings by integrating digital technology into business models.
  • Discusses the growth of current distribution channels in key emerging and mature economies, and analyzes the premiums earned through each distribution channel by insurance segment.

Reasons To Buy

  • Gain an insight into how next-generation insurers are using D2C platforms to create new products and services.
  • Build an understanding of insurers' digital investments.
  • Develop an insight into how insurers can capitalize on opportunities provided by D2C across the insurance process, from product development to customer service.
  • Gain an understanding of changes in consumer behavior in the digital environment, which is forcing insurers to adopt D2C strategies.
Table of Contents
Product Code: IS1318MR

Table of Contents

1. Executive Summary

2. An Overview of the D2C Channel

3. Current Distribution Channels

  • 3.1. Mature Economies
    • 3.1.1. The US
    • 3.1.2. The UK
    • 3.1.3. Germany
    • 3.1.4. France
    • 3.1.5. Japan
  • 3.2. Emerging Economies
    • 3.2.1. India
    • 3.2.2. China
    • 3.2.3. Mexico
    • 3.2.4. South Africa

4. Capitalizing the D2C Channel

5. Changing Consumer Behavior

6. Conclusion

7. Definitions and Methodology

  • 7.1. Definitions
  • 7.2. Methodology

8. About Timetric

  • 8.1. Contact Timetric
  • 8.2. About Timetric
  • 8.3. Timetric's Services
  • 8.4. Disclaimer

List of Tables

  • Table 1: The D2C Channel in the Insurance Industry
  • Table 2: Insurers Investment in Digital Initiative
  • Table 3: The D2C Channel in Other Industries
  • Table 4: Advantages of the D2C Channel in the Insurance Industry
  • Table 5: Direct Written Premium (US$ Billion) by Distribution Channel - the US (2011-2019)
  • Table 6: Direct Written Premium (US$ Billion) by Distribution Channel - the UK (2011-2019)
  • Table 7: Direct Written Premium (US$ Billion) by Distribution Channel - Germany (2011-2019)
  • Table 8: Direct Written Premium (US$ Billion) by Distribution Channel - France (2011-2019)
  • Table 9: Direct Written Premium (US$ Billion) by Distribution Channel - Japan (2011-2019)
  • Table 10: Direct Written Premium (US$ Billion) by Distribution Channel - India (2011-2019)
  • Table 11: Direct Written Premium (US$ Billion) by Distribution Channel - China (2011-2019)
  • Table 12: Direct Written Premium (US$ Billion) by Distribution Channel - Mexico (2011-2019)
  • Table 13: Direct Written Premium (US$ Billion) by Distribution Channel - South Africa (2011-2019)
  • Table 14: Insurance Industry Definitions

List of Figures

  • Figure 1: Types of Distribution Channel in the Insurance Industry
  • Figure 2: Distribution Outlook
  • Figure 3: D2C Opportunities at the Middle of the Pyramid
  • Figure 4: D2C Strategy for Small Commercial Business
  • Figure 5: Advantages of Automated Underwriting
  • Figure 6: Key Changes in Consumer Behavior
  • Figure 7: Internet Users Worldwide by Age Group (2014)
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