The global insurance services market was valued at around USD 5 trillion in 2016 and is expected to surpass USD 6 trillion by 2021.
Procurement market intelligence analysts have announced its latest market research report on insurance services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the public relations services market during the forecast period. Some of the top vendors listed in this industry analysis include Allianz Group, AXA Group, MetLife, Munich Re, and Zurich Insurance Group.
Among various economies, APAC is expected to witness an impressive growth during the forecast period. The growth in the region can be due to the increased incidences of disease outbreak and health issues due to inadequate sanitary measures, along with growing awareness of the same.
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According to Angad Singh, a procurement specialist at Technavio for research on category market intelligence, “Driven by changes in the global socio-economic structure and an increase in associated risks, many innovations in the sector have changed the way in which traditional insurance operates and promotes better risk sharing. For instance, microinsurance is intended to provide affordable coverage to low-income households, especially in developing countries such as Africa.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Use of IoT to identify and analyze risks
IoT is a network of devices connected to each other and uses embedded technology to collect and transmit data. In the insurance industry, the use of IoT helps insurers to analyze customer data and identify needs and risks. The P&C is the most common line of insurance business that utilizes IoT via vehicle telematics. IoT allows insurers to initiate policyholder and customer service activities (rather than customers) based on analysis of data obtained from IoT devices.
Increase in adoption of UBI by auto insurers
In UBI, insurance costs are based on driving behavior and the type of vehicle used, rather than a fixed cost. UBIs are driven by the growth of technological innovations such as G-force tracking, GPS, and telematic devices. UBI facilitates segmentation of customer profiles leading to better claims management that decreases TATs for settling claims.
Entry of non-insurance entities into the supply market
Many non-insurance firms in the retail, technology, and e-commerce segments are entering various insurance segments through acquisitions, JVs, partnerships, and alliances. The increased entry is due to the availability of capital, technological capabilities, and the scope to increase customer base. The entry of the entities motivates suppliers to offer services at better prices and provide additional policy coverage to counter competition and improve customer experience.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Insurance Services – Procurement Market Intelligence 2017.’
