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
+1 646 668 5794
Private: Tom Ehrbar
Senior Editor, Thought Leadership
New York, United States
Related Services
Post
True Cost of Compliance – 2023 Report
This 2023 report updates our 2020 research on the detection and prevention of financial crime, and it's cost to the UK financial services sector. We surveyed 300 senior compliance executives about their costs and compliance activities, and used these results to estimate the costs across the UK Financial Services sector.
Find Out More
Post
Powering SMEs and the UK economy: Funding Circle’s 2022 impact
Small businesses in the UK continued to make a sizeable contribution to the UK economy in 2022, despite facing new challenges Post Covid. Analysis by Oxford Economics finds that lending to SMEs through Funding Circle generated a £6.9 billion contribution to UK GDP, supported nearly 106,000 jobs, and provided £1.4 billion in tax payments to the UK exchequer.
Find Out More
Post
Global Construction Futures
A global forecast for the construction industry to 2037.
Find Out More