Innovation In Insurance Industry Hope, Hype And Strategies In US - April 2014: Recent Market Report

MarketResearchReports.Biz presents this most up-to-date research on "Research Report On Innovation in Insurance Market" US - April 2014: Global Business Survey

Innovation isn’t just about products and their benefits to the consumer, it is about the total customer experience, whether they are buying insurance online or face to face. In order to achieve that, insurers need to look at things in a different way than they traditionally have, perhaps looking outside the industry for inspiration.

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Table of Content

Scope and Themes

What you need to know
Data sources
Consumer survey data
Direct marketing creative
Abbreviations and terms
Companies mentioned in this report:

Executive Summary

The market
Figure 1: Top insurers for P&C, life/supplemental, health and annuities, 2013
Innovation in the marketplace
Health insurance
Life insurance
P&C insurance
The consumer
Insurance mobile app downloads are increasing but numbers are still low
Figure 2: Insurance mobile app downloads, by type of insurance carried, February 2014 and June 2012
Figure 3: Demographic groups with highest incidence of auto insurance mobile app downloads, February 2014
Figure 4: Demographic groups with highest incidence of health insurance mobile app downloads, February 2014
Telematics and automobile safety devices
Figure 5: Telematics and safety devices – currently have, June 2012 and February 2014
Figure 6: Telematics and safety devices – don’t currently have, but interested in having, February 2014
Willingness to purchase insurance from alternative channels and current provider
Figure 7: Attitudes toward buying insurance from existing carrier or alternative type of vendor, by gender and age, February 2014
Wellness programs
Figure 8: Participation in employer wellness programs, overall, February 2014
Figure 9: Participation in employer wellness programs, by gender, February 2014
What we think

Issues and Insights

Is the industry ripe for disruption?
What will be the impact of the ACA?
Why is interest in UBI low?
How can companies improve the take rate for mobile apps?
How can employers increase participation in wellness programs?

Trend Applications

Trend: Switch Off
Trend: Man in the Mirror
Futures trend: Access Anything Anywhere

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Market Size

Key points
Net written premium now exceeds pre-recession levels
Figure 10: Net written premium, property & casualty and life/health insurance, 2001-12

Leading Companies

Key points
Property & casualty insurance
Figure 11: Leading property & casualty insurance companies, by revenues and profits, 2011 and 2012
Life insurance
Figure 12: Leading life insurance companies, by revenues, 2011 and 2012
Health insurers
Figure 13: Top 20 US health insurers, by market share, 2013
Figure 14: Leading publicly traded health care insurance companies, by revenues, 2011 and 2012
Figure 15: Top 20 leading annuity providers, 2013
Figure 16: Share of consumers using each major insurance provider, by insurance type, February 2014
Figure 17: Share of consumers using each major insurance provider, by insurance type, February 2014 (continued)

Competitive Context – Alternative Providers and Regulation

Key points
Competitive innovators
Non-traditional players are entering insurance and related markets
Google Advisor
Coles Supermarket
Innovative healthcare models that could impact health insurers
Atlas MD
Start-ups in academic medical institutions
Changes in the regulatory environment

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Innovations and the ACA

Key points
Overview of the ACA
ACA driven opportunities for innovation
Accountable care organizations (ACOs)
Value based insurance
Online insurance marketplaces
Wellness programs
Guaranteed issue
Essential health benefits
Strategic health information technology
Employer education
Medicaid expansion
Patient Centered Outcomes Research Institute

Innovation and Innovators – Other Health & Wellness Initiatives

Key points
Major innovation trends
Partnerships and mergers
Digital health
Wellness programs
Financial wellness
Wellness travel

Innovation and Innovators – Analytics

Key points
Insurers easily adopting data analytics
Predictive analytics – industry leaders
The future of analytics

Innovation and Innovators – Technology

Key points
Figure 18: PAYD and PHYD product offerings, November 2013
Applications of smart mapping and drone technology
Sensors and wearable technology
Mobile apps and mobile technology

Innovation and Innovators – Life Insurance and Annuity Products

Key points
Innovations in customer experience
New product trends

Innovation and Innovators – Mobile Apps

Key points
Select insurance Apps
Liberty Mutual Home Gallery app
Progressive’s art collection app
MetLife Infinity App
State Farm MoveTools
Allstate GoodRide and Digital Locker
Allstate Mobile and QuickFoto Claim
AIG’s CyberEdge Mobile App
Insurance Forums
Defend Your Income
UnitedHealthcare Latino Health Solutions

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