Infosys commissioned an independent market research company, Vanson Bourne, to investigate the use of digital technologies and key trends in nine industries. We surveyed 1,000 senior decision makers from business and IT, from large organizations with 1,000 employees or more and annual revenue of at least US$500 million.
The report aims to discover:
a) the surging tide of digital technology adoption in organizations – what is used and where?
b) the promised land of digital technology use, and the hurdles organizations face to get there
c) the biggest disruptive digital trends within the next three years and why organizations see them as vital to future success
The summary here presents the survey results and highlights the digital outlook that will define the insurance industry strategy over the next three years.
2. DIGITAL OUTLOOK
INSURANCE INDUSTRY
2
THE RESEARCH
…
1,000
Senior IT and business decision makers were
interviewed from organizations, which use digital
technologies, with
1,000+
employees and
US$500M
or more global annual revenue.
Survey covered a range of industries, across Australia,
China, France, Germany, India, the UK, and the US.
The research investigates the use of digital
technologies and key trends in nine different
industries, namely, automotive, banking, consumer
packaged goods, healthcare, industrial manufacturing,
insurance, life sciences, retail, and utilities.
The study reveals
• The surging tide of digital technology adoption in organizations - what is
used and where?
• The promised land of digital technology use, and the hurdles organizations
face to get there
• The biggest disruptive digital trends within the next three years and why
organizations see them as vital to future success
3. DIGITAL OUTLOOK
INSURANCE INDUSTRY
3
TOP INSURANCE TRENDS THAT WILL
MAKE MOST IMPACT WITHIN NEXT
THREE YEARS
…
The three trends receiving most
mentions, as making a positive
impact on the business, suggest that the
industry had both the opportunities and
pitfalls of digital technology on its mind.
1 Big data analytics
2 Cyber security
3 AI and automation
4. 4
DIGITAL OUTLOOK
INSURANCE INDUSTRY
DIGITAL TECHNOLOGIES THAT INSURANCE
INDUSTRY USES THE MOST
…
Insurance companies utilize five digital technologies on average.
The most deployed technologies in the industry are:
66% Cyber security
65% Big data analytics
58% Enterprise cloud
45% Artificial intelligence
42% Dev-ops and agile
5. 5
DIGITAL OUTLOOK
INSURANCE INDUSTRY
KEY GOALS OF IMPLEMENTING DIGITAL
TECHNOLOGIES
…
For insurance companies, the most important purpose of implementing all these technologies was to
improve existing business operations, but a substantial number were also looking to solve new business
problems.
Big data analytics
63% are implementing
it to improve existing
business operations
41% to solve new
business problems
56% to create new
opportunities
Cyber security
60% are implementing
it to improve existing|
business operations
54% to solve new
business problems
25% to create new
opportunities
Enterprise cloud
75% are implementing
it to improve existing
business operations
43% to solve new
business problems
32% to create new
opportunities
Artificial intelligence
63% are implementing
it to improve existing
business operations
53% to solve new
business problems
43% to create new
opportunities
6. 6
DIGITAL OUTLOOK
INSURANCE INDUSTRY
THE AREAS THAT ARE ATTRACTING
INVESTMENTS ARE…
…
74%
Gamification to educate and
encourage insurance buying
behavior
63%
54%74% Cyber security technologies to
protect customer data and meet
compliance mandates
56%
…BUT
While the insurance companies are making the right investments, they also need to bolster their technologies and
skills further to implement the trends to the fullest.
Big data for 360-degree view of
customer and to increase wallet
share
Internet of things for risk measurement
and mitigation
Intelligent automation of underwriting with
AI technologies or new underwriting
software