Each year, CGI meets face-to-face with business and IT leaders to hear their perspectives on the trends affecting their organizations. In 2017, we conducted 75 in-person interviews with insurance industry experts from 13 countries.
Top trends
Within the insurance industry, customer expectations, cost management and regulatory compliance continue to be top trends. Compared to 2016, increased focus is being paid to extending the industry value chain and the impact of emerging technologies such as the Internet of Things (IoT), blockchain, and dynamic pricing.
Top 2017 trends in insurance
- 92% Fast shifting consumer product and digital servicing expectations
- 73% Managing costs to maintain combined operating ratio
- 70% meeting and optimizing regulatory compliance
- 69% extension of the industry value chain
- 54% growing impact of emergin technologies
Looking ahead, executives cite the concern of cyber attacks and the impact of emerging technologies as their top emerging trends.
Investing for innovation
As insurers invest in new transformation initiatives, 2017 findings show a dramatic increase in the pace of change. Viewing technology as a key enabler of enterprise transformation, insurers are increasing investment budgets while reducing maintenance budgets.
Focus areas for insurance client innovation
- Dynamic pricing and use of data
- Digital channel solutions
- Agile IT delivery and infrastructure
- Innovation technologies (e.g., blockchain, IoT)
Discover the insight
Download additional trend information from the 2017 CGI Client Global Insights insurance summary , and contact us for a copy of the full report and to arrange a personal discussion with a CGI insurance expert for further analysis and insights.
