PRN: Digital Transformation in US Insurance Industry Report 2017: IT Spending Trends of US Insurance Industry, 2014-2020 - Research and Markets

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Digital Transformation in US Insurance Industry Report 2017: IT Spending Trends of US Insurance Industry, 2014-2020 - Research and Markets

 
[16-March-2017]
 

DUBLIN, Mar 16, 2017 /PRNewswire/ --

Research and Markets has announced the addition of the "Digital Transformation in US Insurance Industry" report to their offering.

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This is one of the most comprehensive research reports published on the Digital transformation of US insurance industry. Within this research report, we have covered the key challenges faced by current US insurance industry and how digital technologies are being leveraged to overcome them and transform the industry. The report progresses by highlighting the key industry risks, and challenges, market trends and impact of technology on insurance Industry value chain.

Customer loyalty is also low in in the insurance market, except in the cases where long term policies have been purchased. With the inclusion of price comparison websites globally, this permits customers to obtain a number of insurance quotes. In doing so, price sensitivity is affected in the insurance market. Market players are unlikely to backward integrate into ICT and software, despite the fact they themselves maintain their own IT departments and software. Insurers are however likely to offer reinsurance products.

On this note, ICT and software houses are unlikely to forward integrate into insurance, even though reinsurers often offer insurance products. Through strict legislation dictating the legally expected behavior and action of players, Government regulatory bodies present significant entry barriers for potential new entrants. As some insurance is a legal requirement e.g. Property, Health and Motor insurance, there are no alternatives to these insurance products. Alternatives do include other financial products such as savings and investments.

This report has an in-depth focus on:

- Insurance Industry Risks and Challenges
- Key CIO Perspectives of Insurance Industry
- US Insurance Industry trends and forecast
- Key Investment Landscape
- IT Spending Trends of US Insurance Industry, 2014-2020
- Adoption of Digital Technologies (IoT, Cloud Computing, Automation, Analytics)
- Ladder to Digital Transformation

Key Topics Covered:

1. Factors Impacting US Health Insurance Industry

2. Digital State of Global Insurance Industry

3. IT Spending for the US Healthcare Insurance Industry
3.1. Insurance Industry Average IT Spending Benchmarks
3.2. Market Drivers for IT Spending
3.3. Opportunities
3.4. Insurers' Top 8 Digital Transformation Projects

4. Digital Transformation - A Priority for Healthcare Insurance Providers
4.1. Digital Transformation Impact on Healthcare Insurance Industry
4.2. Financia! l Impact of Digital Transformation

5. Disruptive Technologies Impacting Healthcare Insurance Industry
5.1. Key Pillars of Digital Culture
5.2. Key Disruptive Technology Trends

6. Digital Transformation Approach of US Health Insurance Industry
6.1. Key Rules for Digital Transformation
6.2. Key Steps for Digital Transformation

7. Customer Engagement is Key to Digital Transformation

8. Insurance CIOs Cloud Computing Strategy

9. Challenges of Digital Transformation

10. Emerging Business Models for US Health Insurance Industry

11. Appendix:
11.1. List of Digital Transformation Initiatives across Global Insurers

List of Figures:
Figure 1: Disruptive Trends in Health Insurance
Figure 2: Benefits of Digital Transition
Figure 3: Insurance Industry Digitalization Index
Figure 4: P&C Insurers Digital Progress
Figure 5: P&C Insurers Digital Performan! ce
Figure 6: Life Insurance Digital Performance
Figu! re 7: Sh are of Digital Customers
Figure 8: Digital Channels in Insurance related Activities
Figure 9: Insurance Product Customization for Digital Channels
Figure 10: Acceleration in Product Development
Figure 11: Shift from Physical Sales to Digital Sales
Figure 12: Adoption of Omni-Channel Capability
Figure 13: Usage of Digital Tools for Sales
Figure 14: Integration of Multimedia in Contact Centers
Figure 15: Digitization of Customer Information
Figure 16: Usage of Technology in Operations
Figure 17: Change in Claim Processing Time
Figure 18: Insurance Processes Automation
Figure 19: Usage of Big data in Insurance
Figure 20: Retirement Investments are Heavily Tracked
Figure 21: Risk Profiling of Insurance Customers
Figure 22: Usage of ""Test and Learn"" method
Figure 23: Change in IT Spending
Figure 24: Insurance IT Spending Functional Areas
Figure 25: Future IT Roadmap
Figure 26: Usage o! f Technology by Insurance Agents
Figure 27: Organization Culture Finding Difficult Dealing with Change
Figure 28: Digital Insurance Business (Embedded or Run as a Separate Unit)
Figure 29: Measuring Innovation
Figure 30: Stakeholders Involvement in Digital Transformation Initiatives
Figure 31: Insurance Industry IT Spending as a Share of Total Business Sales
Figure 32: Insurance Industry IT Spending as a Share of Operational Expense
Figure 33: Insurance Industry IT Spending per Employee ($)
Figure 34: Insurance Industry Revenue per Employee ($ 000s)
Figure 35: Insurance: IT Operational vs. Capital Spending
Figure 36: Insurance Industry IT Spending Distribution
Figure 37: Insurance Industry IT FTEs Distribution: Insourced vs. Contractor
Figure 38; Digital Impact on Music Industry
Figure 39: Artificial Intelligence in Customer Experience
Figure 40: Artificial Intelligence in Financial Advising
Figure 4! 1: Artificial Intelligence in Underwriting
Figure 42: Art! ificial Intelligence in Claims Processing
Figure 43: Macroeconomic TransformationPlatform Economy
Figure 44: Connected Car Insurance
Figure 45: Key Digital Transformation Steps
Figure 46: Healthcare Insurance Customer Journey's Events
Figure 47: Market Innovators Spend on Market Disruptors
Figure 48: Key Recommendation for Cloud Adoption
Figure 49: Emerging Business Models
Figure 50: Insurers on Digital Path

List of Tables:
Table 1: US Healthcare Insurers IT Spending ($ Million) 2014-2020
Table 2: List of Digital Transformation initiatives Across Global Insurers

For more information about this report visit http://www.researchandmarkets.com/research/l4lxfd/digital

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