The better the question. The better the answer. The better the world works. У вас есть вопрос? У нас есть ответ. Решая сложные задачи бизнеса, мы улучшаем мир. У вас є запитання? У нас є відповідь. Вирішуючи складні завдання бізнесу, ми змінюємо світ на краще. Meilleure la question, meilleure la réponse. Pour un monde meilleur. 問題越好。答案越好。商業世界越美好。 问题越好。答案越好。商业世界越美好。

Insurance technology trends

EY - Big data and analytics

Market developments

Key questions

The Internet of Things, drones, social media, mobile technology and connected devices have drastically increased the data insurers can leverage across the value chain.
What are the best ways to collect and manage new data to generate insights and gain competitive advantage?
Although insurers recognize the power of analytics to grow, optimize and protect value, many continue to be overwhelmed by the far-reaching changes required to transition to value-driven decision-making.
What cultural and organizational changes are necessary to become data-driven and analytics-led?
Leveraging data to improve underwriting and product development will drive revenues and profitability by speeding entry into profitable niches.
Which functions and processes should enhanced first?

Sensor data: how insurance innovators and early adopters are improving performance

Sensor technology is a major contributor to big data and will profoundly change the industry. Telematics and other connected devices record driving patterns and can change behaviors. In-home and building sensors monitor environmental conditions and can revolutionize pricing and claims.
EY - Sensor Leaders

Sensor data usage: leaders vs laggards
Leaders focus on core business capabilities

Market and sell

75%
Laggards 28%
EY - Market and Sell

Engage customers

71%
Laggards 27%
EY - Engage customers

Differentiate value

71%
Laggards 27%
EY - Differentiate value

Model and manage risk

70%
Laggards 24%
EY - Model and manage risk
Download EY Sensor Survey >

Usage-based insurance (UBI): welcome to the new normal

UBI has gained traction because it has the potential to generate substantial benefits, including:
40%
Reduction in claims cost
40%
Reduction in policy administration cost
EY - UBI cost reduction
  • More effective policy pricing
  • Substantially lower acquisition costs
EY - Effective pricing
Download EY UBI report >

How EY can help

EY’s global insurance team of strategists, technologists and process and functional specialists helps insurers of all shapes and sizes address critical issues and meaningfully improve performance to deliver value for consumer and company alike:
Value for insurer:
  • Improved pricing and higher profitability
  • Stronger risk identification and underwriting efficacy
  • More precise customer segmentation
EY - UBI cost reduction
Value for customer:
  • Improved pricing
  • Increased responsiveness
  • Tailored experiences created through IoT and sensor inputs

Contact Us

Luca Russignan
Associate Director
Insurance Analyst Team Leader
Global Markets - EY Knowledge
+44 20 7980 9635
lrussignan@uk.ey.com