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Insurance, Gen Y and Internet of Things: World Insurance Report 2016 Infographic

The evolution of the Internet of Things, combined with changing behaviors and preferences from Gen Y customers, is pushing the insurance industry toward massive disruption. This year’s Report explores how these trends are driving an urgent need for insurers to transform or risk falling behind new competitors.

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Insurance, Gen Y and Internet of Things: World Insurance Report 2016 Infographic

  1. 1. World Insurance Report 2016 from Capgemini and Efma www.worldinsurancereport.com Connected technologies and the Internet of Things are disrupting how insurers connect with customers and underwrite risk… 34% of customers are likely to adopt 23% of customers are likely to adopt Use social media for insurance needs at least once a month Use social media for insurance needs at least once a month Connected ecosystems smart homes & buildings Embedded technologies wearable or digestible devices Machine intelligence� drones, robots, cars … and driving the transformation of the insurance industry Gen Y and affluent customers are more demanding in the way they connect with their insurers 30% of customers are likely to adopt 3 Interact with insurer 2.5X more on social media and 2.0X more on internet-mobile channel Interact with insurer 1.5X more on social media and internet-mobile channel Gen Y customers Affluent customers 27%32% These affluent, technology-savvy customers may easily turn to non-traditional firms for insurance Likely to choose non-traditional firms for insurance & 1. Streamline processes 2. Build data and analytic capabilities 3. Look for strategic growth opportunities 1. Improve the value proposition and services 2. Establish strategic alliances 3. Build insights-driven strategies through data analytics 1. Prepare for evolution in underwriting, new customer and product portfolios 2. Compete with new industry players of affluent Gen Y customers are ready to buy insurance from non-traditional insurance firms Gen Y customers Strengthen Enhance Transform 23% 31% 47% Affluent customers These disruptive technologies mean risk is shifting, decreasing and becoming more transparent, requiring insurance companies to change how they fundamentally assess and manage risk GenY + Affluent customers 1-2 years Short-Term 3-5 years Mid-Term 5+ years Long-Term Copyright ©2016 Capgemini. All rights reserved. For more information, contact us at insurance@capgemini.com LookingattheFutureofInsuranceThePathForward Globally, 47% of all customers have positive experiences with their insurer, but only 34% of Gen Y customers do