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Global Insurance Trends

Global Insurance Trends 2014

What are the Global Insurance Trends we can expect in 2014?

Building on the stability of the insurance sector during 2013, we may expect an improvement in the global economy.

Market Shift: A subtle shift in the open market from product-oriented to customer-oriented may occur, resulting in customer empowerment and increasing customer self-service initiatives.

Low Interest Rates: Insurance Providers may have to diversify their investment portfolios due to the low interest rate. To remedy this situation, Insurance Companies are looking at higher risk, higher return investments.

Data Analysis: Keeping abreast of global economy trends, Insurance Providers are now also focusing on data analysis regarding their customers. Data is collected regarding customer behavior, demographics like gender, age and revenue spent.

In order to remain profitable, Insurers are using these data analytics to provide customers with products that match their lifestyles.

Global Insurance Trends: Increased focus on Mobile Devices

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Mobile Phone Insurance apps

Insurance Providers provide customer accessibility via mobile phones. Applications are provided in order to increase customer involvement and easy access to IP websites. Consumer mobile apps have changed the traditional way of conducting business. Online quotes are available and customers can even submit claims 24/7. More mobile capabilities and applications are in the pipeline for 2014.

Telematics and UBI are hot Global Insurance Trends for 2014

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Car Insurance will focus more on Usage Based Insurance (UBI), as well as Telematics. The driving behavior of the policy holder will be easily monitored and premiums will be based on actual driving habits and behavior.

Social Media and Global Insurance Trends

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Social Media Trends

Facebook, LinkedIn, Google + and Twitter are Social Media tools implemented by Insurance Providers in order to reach more potential customers and connect with existing clients.

This trend will show an escalation in 2014.