For the insurance industry, 2012 promises to be a year full of challenge and promise; much will hinge on macro-political and -economic developments.
Boston, January 19, 2012 – A new report from Aite Group reveals the top 10 trends that will shape the insurance industry—including health, life, and property & casualty insurance—in 2012.
For all lines of business, 2012 promises to be a year full of both challenge and promise; much will hinge on macro-political and -economic developments and their impact on regulations and markets. The health insurance world continues to chart an uncertain course forward in the face of the sweeping changes ushered in by the Obama administration. Even as the life insurance industry prepares to service the overwhelming needs of retiring baby boomers, it faces profitability challenges due to the unprecedented distension of a hyper-low-interest-rate environment. Players in the North American property & casualty world are hard at work raising their games to take business away from one another and attempting to determine what changes new federal regulators may impose on them in the year to come.
For 2012, then, Aite Group’s top 10 trends for insurance are as follows:
• Analytics and big data
Health insurance and payments:
• Healthcare payments transformation
• ICD-10 implementation
• State-based and private-exchange formation
• Strategic blocking and tackling
• The true rise of the tablet
• Doubling down on risk management
Property & casualty insurance:
• The customer-oriented business imperative
• Proliferation of telematics and usage-based auto insurance
• Core system replacement and vendor market consolidation
This 24-page Impact Note contains three figures. Clients of Aite Group’s Health Insurance, Life Insurance, or Property & Casualty Insurance services can download the report.