Digital Innovation in Insurance Market Insights 2015 Report

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Jul 30, 2015, 02:20 ET

Vancouver, WASHINGTON, July 30, 2015 /PRNewswire/ --

RnRMarketResearch.com adds Insight Report: Digital Innovation in Insurance market research that discusses emerging digital technology in the insurance industry, including the internet of things, telematics, and wearable technology.

Complete report on digital innovation in insurance market spread across 36 pages, talking about big data, cloud computing, social media and exploring untapped opportunities as well as supported with 1 table and 9 figures is now available at http://www.rnrmarketresearch.com/insight-report-digital-innovation-in-insurance-market-report.html .

Key highlights from this research on digital innovation in insurance market say that a significant number of insurers have opted for software-as-a-service (SaaS) cloud solutions to use in non-core functions such as financial management, human resource management systems, and customer relationship management. SaaS has the potential to support the full insurance business, but its use for core activities such as underwriting, fraud detection, claims and product development remains low. Mobile technology can play a key role in helping insurers to manage claims, from helping customers to report first notifications of loss, to settlements. Mobile apps can be used to submit claims and required details, and allow customers to check claim statuses. Mobile devices' integrated cameras enable customers to take and upload pictures when submitting claims.

The global market for insurance telematics is forecast to grow at a compound annual growth rate (CAGR) of 80.20% over 2013-2018, to reach 85.5 million subscribers in 2018. Rapid technological advancements, such as mobile applications to track driving behavior, reduce the cost of implementing and operating insurance telematics. Wearable technology is set to transform the health insurance category. Insurers not only use wearable technology to assess risk using collected data, but also to create a new range of value-added services. Wearable technology also has the potential to help customers improve their health and detect abnormalities at an early stage.

The 'Insight Report: Digital Innovation in Insurance' analyzes the potential impact of digital technology to the entire insurance supply chain, from product development to claims management, enabling insurers to reduce costs, and increase efficiency and profit margins. The report discusses how insurers in different markets use digital technology in different business functions, including product development, sales and marketing, underwriting, claims management and customer services. It also discusses market trends, opportunities and challenges faced by insurers in the successful implementation of digital strategy. Order a copy of this 2015 research on digital innovation in insurance market at http://www.rnrmarketresearch.com/contacts/purchase?rname=397905 .

An increasing number of insurers are investing in building digital infrastructure and striving for growth by developing new business models using digital platforms. However, insurers are yet to fully capitalize upon the transformative power of digital technology, and many are still struggling to develop digital strategies that align with their business objectives. The insurance industry recognizes the need to overhaul traditional business models, to capitalize on the advantages of digital technology and respond to the challenges of digital disruption.

This research provides detailed analysis of the adoption and contribution of digital technology to the insurance industry globally. It provides comprehensive analysis of core digital technology such as social media, mobile technology, big data and cloud computing used in the insurance industry, a global snapshot of digital innovation and growth opportunities for the insurance industry, insights into key market trends relating to digital technology in the insurance industry globally as well as analysis of market opportunities and challenges faced by insurance companies globally when adopting digital technology.

The digital innovation in insurance market report provides detailed analysis of the insurance industry's use of big data analytics and cloud computing in the insurance supply chain. It offers insights into the rising trend of social media, its adoption and impact in different functions in the insurance industry. It analyzes opportunities for insurers when using digital channels to create new products and services. It discusses emerging digital technology in the insurance industry, including the internet of things, telematics, and wearable technology.

For the insurance market, RnRMarketResearch.com offers a wide range of newly published as well as relevant research reports from authorities across the globe:

Governance, Risk and Compliance - The Mexican Insurance Industry: The Mexican insurance industry is regulated by the Comisión Nacional de Seguros y Fianzas. Insurance premiums are exempt from insurance premium tax in Mexico except for medical and personal accident insurance policies, which are subject to an insurance premium tax of 16%. Non-admitted insurance is prohibited in Mexico except for few classes of insurance. FDI is permitted in the Mexican insurance industry up to 100%. Composite insurance is not permitted in Mexico. However, life insurance companies are permitted to underwrite health and accident insurance business. This report is the result of extensive research into the insurance regulatory framework in Mexico. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries. The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country. Read more at http://www.rnrmarketresearch.com/governance-risk-and-compliance-the-mexican-insurance-industry-market-report.html .

Annuities Insurance in the UK - Key Trends and Opportunities to 2019: This research report helps get answers to questions like what was the impact of the new pension rules on UK annuity and drawdown sales? How did providers react to secondary annuity market proposals? What are the latest product innovation trends in the retirement income market? What are the views of providers on the future of the bulk annuity market? Will Pension Wise boost advice opportunities for advisers in the market? This report is the result of extensive research into the annuities market in the UK, covering its market dynamics, outlook and competitive landscape. It provides details of the market size and projections of new business premiums, and addresses the impact of the new pension rules on annuity providers. The report also provides an overview of leading companies, and discusses the latest trends in product innovation and insurers' strategic responses to annuity changes. Companies like Aegon UK PLC, Aviva PLC, Canada Life Ltd, Friends Life Group Ltd, Just Retirement Ltd, Legal & General Group PLC, Liverpool Victoria Group, Lloyds Banking Group PLC, Partnership Life Assurance Company Ltd and Prudential PLC are profiled in this research available at http://www.rnrmarketresearch.com/annuities-insurance-in-the-uk-key-trends-and-opportunities-to-2019-market-report.html .

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