Insurance

With the right approach, it’s possible to fulfill the promise given to customers while protecting the insurer’s bottom-line performance.

Read a preview of our “The Top Insurance Tech Trends To Watch In 2019” report.

[This post was coauthored by my colleague, Christian Austin.] Of the 16 technology markets Forrester monitors for VC funding trends, the $2.1B raised by regulatory technology (RegTech) ranked 14th in 2018. As such, you’d be forgiven for overlooking a category that doesn’t evoke many buzzwords, hasn’t raised the splashy capital of several other markets, and […]

In late March, Marsh announced the launch of a program with a number of leading cyberinsurance firms including Allianz, AXA, Beazley, XL, and Zurich to evaluate cybersecurity products and services. Products that meet a minimum standard of criteria receive the designation of “Cyber Catalyst” for their effectiveness in reducing cyber risk. The intent is for […]

We’ve Kicked Off Some New Research, And We Need Your Help.  An important part of Forrester’s research process is gathering input from financial services companies so that we can advise our clients on the latest trends in the market. We’re currently fielding a survey for vendors, end users, and experts that will provide the key […]

How will the “whats” of insurance — underwriting, claims, and compliance — translate into new “hows” in 2019? Watch the video below for more information on what’s driving changes in insurance business strategy and the tech that enables it. Do you need more help? Forrester clients can set up an inquiry with us.

The US population is growing and aging. The volume of patients and the prevalence of chronic conditions are rising. Payers and providers alike are feeling the strain of healthcare’s antiquated system and the damaging effects it has on quality of care and revenue. As a result, the US healthcare market is going through a much-needed […]

As Hurricane Willa rapidly moves closer to the US border, how are insurance companies preparing for this next calamity? The rise in natural catastrophes puts mounting pressure on insurance margins. While there’s no resisting Mother Nature, insurance companies need to prepare themselves for the nearly $90 billion in new insurance sales in 2019. The challenge […]

“Insurance is sold, not bought.” This industrywide perception has gone unchallenged for decades, reaffirming agent- and advisor-based distribution models. But now a plethora of insurtech startups such as Brolly in the UK, Gabi in the US, and PolicyPal in Singapore aim to help customers find suitable cover. A newcomer among the firms digitalizing insurance distribution […]

Financial services firms are on the hunt. They’re hunting unicorns. As firms like Revolut and TransferWise attain valuations of $1 billion or more, the pressure to find the Stripes of this world before their value skyrockets has never been stronger. But it’s not just the unicorns that firms are hunting. They’re also chasing the wolpertinger. […]

When a car insurance company wanted to boost customer engagement during the onboarding process, it turned to personalized video. No longer a gimmick, brands across verticals use the technology to create unique customer experiences at scale. And the videos resonated with the customers of Geoffrey Insurance: An overwhelming majority of them watched the entire video. […]

Forrester’s 2018 Customer Experience Index (CX Index™) results continue to show that companies are struggling to create and sustain a human connection with their customers. This is not a question of delighting customers as an endgame or some fluffy sense of emotional attachment; this is a crass and clear story of financial risk. Taking a step […]

Improve Your Member Experience Now Or Be Replaced Oscar Health is leading with a customer-centric business model and using technology to transform the future of health insurance. Alphabet’s continued investment in Oscar Health follows recent profit announcements from Oscar, firing a second warning shot to insurers. As Oscar shifts its focus to new populations, including Medicare […]

Forrester’s 2018 Guide To Cyberinsurance Today, no one is 100% secure — believing otherwise is hubris of Icarian proportions. This reality is a core reason why more organizations are turning to cyberinsurance. Because without it in some form (whether it’s a purchased policy or their own allocated cash reserves), they have no safety net to stymie […]

Seven auto and home insurers saw a statistically significant change to their Customer Experience Index (CX Index™) scores in 2018. As a result, the average score for the industry has moved up one point since 2017. Insurers should not get too excited, though. Despite this small lift, most policyholders in the US saw little or no […]

It’s good times for Canadian and US life insurance companies.  Job and some slight wage growth has spurred an increase in life insurance sales, both through the employer as well as individual life insurance sales.  At the same time,  90+ million Millennials are moving into the life stages of home ownership, parenthood, and marriage that […]

AI, blockchain, chatbot, digital identity, etc. — there’s enough emerging technology in financial services to fill a whole alphabet book. And it’s difficult not to get swept off your feet by visions of bionic men, self-executing smart contracts, and virtual assistants that anticipate our every need. Investing in emerging technology is one of the main […]

In their quest to become digital insurers, insurance carriers have a revolutionary opportunity to improve their businesses with new and emerging artificial intelligence (AI) technologies. It is certainly a balancing act to find that perfect peanut butter-and-jelly combination of operational efficiency and customer engagement, however I believe many insurance carriers to be up to the […]

Having trekked between the ExCel convention center and central London for most of last week – Finovate Europe moved to this larger and more remote location from the historical Old Billingsgate Hall this year – I can’t help but think that the changed location and format of the event reflect the wider changes happening in […]