IDC Financial Insights’ latest insurance research uses the IDC MarketScape model to present a 2018-2019 assessment of 13 vendor companies servicing the insurance organizations across the globe in their digital transformation (DX) initiatives. This research is a quantitative and qualitative assessment of a vendor’s ability to enable insurance organizations to succeed in their DX initiatives and help anticipate its ascendancy. The evaluation is based on a standardized and comprehensive framework and a set of parameters expected to be most conducive to success in providing DX services in the short and long term. The general market’s perception and technology buyers’ perception of vendors’ current capabilities as well as their attitudes to innovation to help insurance carriers and intermediaries thrive in an extremely challenging marketplace are key components of this evaluation.
The ‘Open Banking Revolution’, triggered by the second Payment Services Directive (PSD2), will see new, API-connected services brought to European consumers around the traditional core financial services, creating a more holistic banking experience. It is not just the regulation that is pushing banks to deliver customer-centric products and services. It is also the changing customer attitudes in the way they engage with their banks. It won’t be surprising if insurers are faced with a similar regulation or challenged by competitors influenced by the disruptions in banking sector.
This blog from Sabitha Majukumar (Senior Research Analyst, IDC Financial Insights), Philip Carnelley(Research Director, European Software Group) and Arun Dani (Senior Research Analyst, IT Services) highlights IDC’s recent research on cognitive systems and its impact on insurance industry.