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The world market for insurance on the threshold of change
A recent study conducted by IBM indicate that in the next 15 years the global insurance industry expects some radical change. You will see a new set of products, services and business process aimed at creating profits and long-term growth industry.
Thus, according to experts, the new insurance model that focuses on personalization services and active accounting risks significantly facilitate the processing of insurance claims, and reduce the costs of insurance companies, moving the emphasis on the prevention of insurance cases. This model, implying a radical change in the business, will replace used for decades model insurance. Industry usual pattern of interaction with the customer is likely to have already exhausted themselves in the future and not be able to provide long-term benefits. They succeeded give new methods of work organization built on the basis of technologies that are being developed today and will be developed in the future.
Disclosure of these and other concepts and focus on the above-mentioned study "Insurance in 2020 to: innovation go beyond the old model (www.ibm.com/bcs/insurance2020), which took place during the year subdivision IBM Institute for Business Value (IBV, www. ibm.com / iibv) by interviewing more than three dozen heads of the leading insurance organizations in the world and other influential persons insurance market. In this paper examines the driving forces that will influence the industry in the coming years - technology development, complex regulatory requirements, the increasing number of market participants and the competition between them. The study addresses the challenges associated with changes in the demographic structure of the customer base, development of online information sources and the impact of globalization on the insurance industry. Its authors propose a new perspective on the challenges that will face insurers in 2020, and recommend strategies for the successful implementation of innovative methods.
Global trends and forecasts
Analysis of the survey results revealed four global trends, which underline the need for change and offer interested parties the way to a stable profitability at the turn in 2020:
technology opens the door to the insurer virtual interaction with the customer by reducing barriers to market entry. In the next 15 years a number of companies using partially or even fully electronic means of communication with private and corporate consumers of insurance services; grow the number of specialized firms operating in narrow market niches;
- active, informed customers in all demographic groups give preference operators osvaivayuschim innovative, modern methods of communication with customers, and will move on to service providers that can justify their expectations;
mass-insurance products are becoming more dynamic and require operators to develop flexible and adaptable services, which can be used in real time, including through the use of personal information protection and special networks of sensors to collect data used in the insurance activity;
- regulatory coordination activities and the use of industry standards have become global in scale. This trend, along with the need to enhance the efficiency of business will help protect the interests of consumers in different regions, increased automation and support standardization across the industry.
According to the forecast of respondents in the next decade significantly increase the flexibility of insurance products through the massive application of mobile and wireless technologies. To calculate the value of the specific risks will be used inexpensive sensors connected to the Internet, a new generation. The data necessary for effective insurance protection derived from such sensors, would be calculated risks in real time and on the basis of their actual level quickly to offer the most favorable prices, reducing the value of life insurance policies and property.
In imbued news channels worldwide 2020 th holders of insurance policies will have a lot more opportunities for access to the products and taking independent decisions.
Similar technology will make it possible to implement a wide range of insurance products, the characteristics of which vary over the life of the policy, such as insurance "pay-as-you-live" ( "just in time") where, for example, each step in the trip (by car to visit the station, the train to another city, from the railway station to the office, etc.) compares separate type of risk. In such a case, the total cost reduction achieved insurance in exchange for a certain amount of private information on the location and schedule of the customer. In doing so, the same network of sensors can be a convenient source of information for the customer, for example, allowing him to avoid travel on the congested highway. Data can be transferred on any channel, through easy-to-use automotive audio, cell phone, e-mail, in the form of a phone call to the office.
Another imperative identified in the study, operators shift focus from the product to the client. In imbued news channels worldwide 2020 th holders of insurance policies will be considerably more opportunities for access to the products and taking independent decisions. The concept of insurance agent eventually give way to the concept of the "lawyer". People will need "financial counsel" to help them with advice on the market of insurance and financial services. The traditional agency channel will not disappear but will look entirely different. "Industry is coming to an era of experimentation and innovation. "said Mike Adler, Chief of IBM Global Business Services, responsible for interaction with the global insurance industry. - The basis of profitability in the future will be flexible and tailored to the needs of clients of financial services and solutions to mitigate the risks. "