Recent Release | 14 Nov 2021
Solving the customer relevance riddle: How AI-derived insights can help insurers deliver what customers really want
Thought Leadership Team
Oxford Economics
Oxford Economics, in partnership with IBM’s Institute for Business Value, surveyed 250 insurance executives globally as part of a larger 5,000 respondent study. We found that, for insurers to remain relevant and become Cognitive Insurers, they have to shift their focus toward customer data and AI-driven insights.
Barriers protecting the insurance industry – regulation, time to establish customer trust, and customer inertia – are breaking down. Customers require more personalised service and access, and insurtechs are taking advantage of the inefficiencies in the insurance market. Using innovative technologies, these non-traditional competitors are infringing on the insurance market. To increase relevance, insurers need to be ready for disruption, nimble in execution, and choose the right partner in innovation.
About the team
Our Thought Leadership team produces original, evidence-based research made accessible to decision-makers and opinion leaders. Principals for this project included:
Tom Ehrbar
Senior Editor, Thought Leadership
Tom Ehrbar
Senior Editor, Thought Leadership
New York, United States
Tom Ehrbar sits at the centre of the editorial and production flow for all Thought Leadership studies, overseeing the firm’s primary research activities and managing the group’s extensive global editorial network of more than 500 researchers, writers, and analysts. Tom has worked on a range of research programmes, from global talent and diversity studies to surveys of financial advisors and wealthy investors to global country risk indicators.
Tom joined Oxford Economics in 2012 after two decades at the Economist Intelligence Unit (EIU), where he managed a team of editors focused on cross-border trade and finance. While at the EIU he also contributed to client research papers on topics ranging from a review of labour trends in the Mozambique mining sector to the prospects for private equity in Latin America. He is the editor of Business International’s Guide to International Licensing (1992). Tom holds a BA in English from Kenyon College.
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