Anything For You All: [REPORT SNAPSHOT] Why insurers must be mindful about obtaining consumer approval for data usage...

Minggu, 13 Mei 2018

[REPORT SNAPSHOT] Why insurers must be mindful about obtaining consumer approval for data usage...

Report Snapshot: The Future of Life Insurance

Here's how willing US consumers are to share their data with insurers …

In the Business Insider Intelligence report, The Future of Life Insurance, we outline why insurers must be mindful about obtaining consumer approval for data usage. As strict rules on data storage and ownership come in under the General Data Protection Regulation (GDPR) this year, insurers will have to be doubly vigilant in seeking customers' approval to use their data for new purposes.

Access Full Chart Data →

* This chart was taken from Business Insider Intelligence's Future of Life Insurance Report, which is available to Ultimate Fintech and Payments Research Bundle subscribers. You can get full access to this chart as well as other timely updates when you sign up today.

Here are some other key points from the study:

The need for innovation in life insurance has never been clearer — life insurance sales on the whole are slowing, and policy ownership is hitting record lows. A lack of consumer understanding, inconvenient application procedures, low customer loyalty, and old IT systems are denting providers' returns.
Life insurtechs are looking to revamp the space in two key ways: Consumer-focused players focus on eliminating the pain points that put consumers off buying life insurance coverage, while insurer-focused startups offer ways to improve processes and operations for the providers that still dominate much of the market.
There are some risks attached to bringing technologies not typically used in insurance into this tightly-regulated space, but life insurers can adopt best practices to mitigate them and reap rewards, like: getting full customer approval to use their data, hiring tech-savvy compliance teams, and prioritize customer education about the product. Startups, meanwhile, should pick incumbent partners carefully.
Incumbents' activity in life insurance innovation to date has been limited to implementing some shiny new technologies, largely on the front-end. If life insurance incumbents want to stay relevant, they'll have to invest in the core systems needed to give them the freedom to innovate and introduce changes on their own terms.

Subscribe risk-free to view the full analysis

Here's a summary of what you'll receive when you subscribe to the Ultimate Fintech and Payments Research Bundle today:

71 immediately accessible research reports and data-sets.
At least 20 new Fintech and Payments reports over the next 12 months.
Insightful newsletters and charts about everything important taking place within the Fintech and Payments industry.
14-day money back guarantee period so you can access all of the above risk-free!

Other chart highlights you don't want to miss

These regtech segments have grown the most since 2010

Regulatory compliance and risk management... Access Full Chart →

Consumers are unfamiliar with blockchain

Nearly 60% of consumers are not familiar... Access Full Chart →

These are just a few of the charts made available to Business Insider Intelligence subscribers.

To ensure that you have access, simply subscribe to Business Insider Intelligence's Ultimate Fintech and Payments Research Bundle today. You'll have instant access to hundreds of charts like these, daily briefings in seven key coverage areas, and a members-only Research Center filled with insightful reports.