The New Standard in Insurance - why do we need it and what should it look like?

Thank you for taking part in this benchmark state of the market survey on insurance and technology.

Your details will remain anonymous. We are seeking to hold a mirror up to the market to find out more about what the new standard for technology is in our industry, and explore expectations vs reality.

Each answer also has a box to add your comments, and we welcome all feedback and experiences so please do add your thoughts here!

As a thank you for filling in this survey you are entitled to early access to the survey results report - please don’t forget to supply an email address upon completion to receive the report before it goes public.

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* 1. Please confirm your job title

CEO / Chairman / MD / Board Member

CIO / CTO / IT Department

Claims professional

Underwriting professional

Product development professional

Customer experience professional

Other (please specify)

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* 2. Please confirm the type of business you work in

Insurer / carrier

Broker / insurance distribution (inc MGA, Coverholder)

Consultant

Other (please specify)

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* 3. Please confirm the territory(s) your business operates in.

Global / multinational

North America

LATAM

APAC

Africa

Europe

Other (please specify)

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* 4. Which of these market trends is impacting global industry (insurance and others) the most, in your opinion?

New consumer preferences and behaviors

Emergence of new risks

Viability of technologies like AI, Internet of Things, Blockchain, etc.

Other (please specify)

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* 5. Which companies do you think will be responsible for leading the growth of the insurance industry?

The establishment – today’s leading insurance companies, brokers, MGAs

The challengers – startups, insurtechs, fintechs

The big tech players - Facebook, Amazon, Google, etc

The specialists – eg software vendors, consultants etc

Other (please specify)

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* 6. Which of these is the most likely profitable growth driver for an insurance business?

Offering more relevant types of insurance products and coverages

Highly accurate risk mitigation and prevention of claims

Process automation and efficiencies

Reimagined customer experiences

Other (please specify)

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* 7. Which of these is the biggest obstacle to insurance businesses achieving profitable growth?

High operating costs

Limited productivity improvements

Lack of product differentiation

Distribution challenges

Other (please specify)

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* 8. Which is a bigger obstacle to creating value for insurance businesses?

Coming up with big ideas that create opportunities

Delivering big ideas at scale across a business

Other (please specify)

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* 9. How long on average does it take for your business to design, test and deploy a new insurance product?

Less than three months

Three to six months

Six to 12 months

Over a year

Other (please specify)

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* 10. What is the most challenging aspect of introducing a new insurance product?

Conducting market research

Product design and development

Creating the systems to deploy products

Achieving market awareness and acquiring customers

Other (please specify)

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* 11. Most of the insurance industry’s growth can be credited to inflation, increased costs of living or doing business, and general economic growth. Do you think there is scope for the insurance industry to increase its relevance and growth above and beyond this?

Yes

Comments

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* 12. Does your businesses’ customer journey / most recent insurance buying experience accommodate the typical digital barriers encountered by customers with disabilities, for instance (not limited to below examples):

- Use of keyboard controls instead of mouse for those with limited hand dexterity

- Instructions posted as text descriptions and not just images so screen readers can be used

- Resized / enlarged images and instructions still display correctly and retain functionality

- All video explainers of services are captioned

- Contrasting colours are used for text

Yes

Comments

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* 13. Would you like to receive a copy of the survey results report? Please include your email address if so (you will not be identified in this survey).

Yes

Email address