As insurers re-engineer their offerings to find renewed resilience and stability in the flux of global uncertainty, industry leaders have the opportunity to evolve legacy environments and redefine differentiated value. Despite new challenges that have emerged out of an increasingly complex and volatile competitive landscape, the insurance industry is presented with immense innovation potential. With high technology adoption, data streams are multiplying — and as consumers are increasingly plugged in, new opportunities are emerging. Agile innovators able to integrate transformative technology, behavioral economics, and collaborative ecosystems will set the pace for change.
What are the key trends, challenges, and opportunities that may affect your business and influence your strategy? Gain more insights from ITONICS’s industry perspective.
Through rigorous contextualized environmental scanning and AI-powered trend scouting made accessible online through our modular cloud software, we explore more than 30 trends that are impacting B2C insurance. In this way, we provide an overview of the drivers of change with a specific lens on the insurance sector and look at disruptive forces impacting the industry in 2020 and beyond.
Just click here to download the Trend Map
To make sense of the future, even the seemingly sudden shifts, we believe that organizations must take a holistic approach to trend management, forecasting and industry analysis — balancing both an outside-in and inside-out perspective. This is to say that for organizations to build winning strategies, they must respond to changing consumer expectations and emerging tech and at the same time leverage internal strengths adequately to take advantage of the most promising opportunities.
Outside-In: An approach to strategy development that reads and responds to market dynamics, customer insights, and emerging technologies to create differentiated value.
Inside-Out: An approach to strategy development that is internally-focused, leveraging the organization’s capabilities and strengths as a primary point of departure to create differentiated value.
This provides decision-makers with all the contextualized information needed to anticipate developments and make more informed choices in the present about the future.
Based on an ‘outside-in’ analysis, our research takes the impact of global social, technological, environmental, economic, and political factors (STEEP) into account. Highlighting key trends at play, we explore six distinct themes as forces shaping the future of insurance.
These six core themes to uncover and demonstrate the impact and potential incumbents have to embrace big data and analytics, digitize distribution and operations, and enhance customer engagement.
In this report, we provide a snapshot of the future to elaborate on plausible outcomes trends and emerging technologies will have as they develop and mature in-market through various scenarios.
Adopting an ‘inside-out’ approach, we detail some implications for innovation from an industry standpoint. By evaluating the impact of these different scenarios on sector-wide strategies, innovators can identify potential whitespaces that will help them engage in authentic dialogues with consumers and realize winning strategies.
In order to respond appropriately to these implications for innovation, innovators require the right set of tools to determine their next steps. This report is aimed to equip industry leaders with the tools, insight, and inspiration to see the horizon more clearly, tackle the challenges ahead, and develop cutting-edge strategies to emerge as winners. To inspire innovation, we provide an adaptable framework of recommendations and highlight the changes incumbents could make to balance risks and maximize opportunities.
To leverage these insights and prepare your company for the future,
download your free copy now.
The ITONICS Innovation Software helps organizations to take their innovation management to the next level. If you want to learn more, visit our product overview or get a free trial of our software.