Abstract
Introduction
The insurance market is facing short and long-term challenges. In the
short-term, weak demand and paltry investment income, plus elevated levels of
fraud, will negatively affect profits. Longer-term issues include: the need
for robust risk models; new products and distribution channels; and a
structure that can effectively comply with regulations. BI tools can help meet
these challenges.
Scope of this research
- This report discusses the challenges and opportunities among both life and
non-life insurers.
- This report applies to global insurers; however, many of the regulatory
issues that are discussed are W. Europe and N. American focused.
Research and analysis highlights
While point solutions are valuable, today' s large insurer managing multiple
risks over an expansive geography needs a complete view of the operation. The
insurer that is able to garner such a view will be better able to be proactive
instead of reactive to changing market conditions.
The combination of market drivers and technology accessibility has heightened
small insurers' interest in BI. 62% of insurers with fewer than 1,000
employees are planning to increase their investment into BI. This segment of
the market outpaces all of the other segments by a fairly wide margin.
In 2009, spending on BI by non-life and life insurers is expected to slow to
4.4% and 3.9%, respectively, thanks in large part to the global economic
environment. By 2010, non-life spending on BI should return to nearly 7%
annual growth, while life is expected to register at 5.4%.
Key reasons to purchase this research
- Gain an understanding of the market conditions facing both life and
non-life insurers.
- Understand the market size and opportunities for BI in insurance.
- Explore different go-to-market strategies and how they can be deployed to
meet the needs of different insurers.
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