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:

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