The future of the insurance market
The insurance industry continues to face a challenging future and not just in digital transformation. Changing customer behaviours, demographic shifts, new market entrants and tighter regulation are all impacting the industry. The future may be hard to predict, but the insurance industry is, as always, adapting to these shifts to remain relevant and agile in these changing times.
Chris Hallett, Insurance Product Manager at Synectics Solutions has provided a brief overview of some of the changes and challenges that the insurance industry is facing in the coming 2 – 3 years. He also considers the work Synectics is doing to help support the insurance industry through these challenging times in terms of enhancing the fraud, financial crime and risk management solutions that Synectics offers.
"Such new insurance products and accompanying services draw to a close the tradition of overnight batch processing of data and put counter fraud screening requirements closer to the front of the customer journey.”
The ‘Uber Generation’
“The world’s largest taxi company owns no cars. The world’s largest accommodation provider owns no real estate. The world’s most popular media owner produces no content.”
We’re seeing a marked shift customer behaviours, particularly for the younger – or as they have been branded – ‘Uber Generation’. Generation Z are much more inclined to rent a property, rather than buy, use public transport, short term vehicle rentals or carpool schemes rather than own a car and stream music, films, media or literature rather than invest in a physical DVD, CD or book. Additionally, the gadgets and technology goods used to stream media content regularly become cheaper and easier to replace.