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:

Related Services

YouTube Impact report Indonesia 2022

Post

A PLATFORM FOR INDONESIAN OPPORTUNITY – Assessing the economic, societal, and cultural impact of YouTube in Indonesia in 2021

Oxford Economics worked closely with YouTube in the second quarter of 2022 to develop a rigorous approach to measuring the video platform’s economic, social, and cultural impact across Indonesia. In this study, we found that YouTube's creative ecosystem contributed IDR7.5 trillion to Indonesia's GDP and supported more than 200,000 full-time equivalent jobs across the economy in 2021.

Find Out More

Post

Sentiment data point to cooling labour markets

Labour markets across a range of advanced economies are cooling rapidly, according to a unique dataset developed by Oxford Economics and Penta.

Find Out More

Post

The State of the Nation: The UK Family Business Sector 2021–22

This study looks at the UK family business sector, an important part of the UK economy. It presents new insights, especially on how the sector was affected by, and is recovering from, the pandemic.

Find Out More