MONTE CARLO, Monaco,
Sept. 11, 2017 /PRNewswire/
-- Aon plc (NYSE:AON), the leading global professional
services firm providing a broad range of risk, retirement and
health solutions, today launches its annual Global Insurance Market
Opportunities (GIMO) report, which examines key areas of potential
growth for insurers.
The study highlights that Insurtech could be an enabler rather
than a disruptor of the traditional insurance model. The
fast-growing entrepreneurial Insurtech segment – that has secured
approximately USD14bn in investments
to date across more than 550 start-ups globally – may have a more
supportive role for insurers than previously thought via 'open
architecture innovation'. Established organizations play an
important role in open architecture innovation, by collaborating in
a framework which has both standards that enable scalable solutions
for clients and the flexibility that encourages entrepreneurial
innovation.
The report reveals that three of the leading areas where
analytics can help with insurance industry growth – cyber risk,
casualty catastrophe risk, and pathogen risk – could become
increasingly insurable through collaborations with Insurtech
companies, and technology and analytics providers, thereby opening
up new opportunities for insurers and reinsurers to provide new and
enhanced products.
Meanwhile, the on-demand economy (ODE) is presenting both
opportunity and disruption to the traditional insurance sector,
through the requirement for a greater range of time-based insurance
products that recognize that assets such as cars and homes are
increasingly used on both a commercial and personal basis – driven
by the increasing utilization of services such as Uber and
Airbnb.
In terms of disruption, the report highlights that US motor pure
premiums could decrease by more than 40 percent of their 2015
levels by 2050 – the point at which autonomous vehicles are
expected to be fully adopted. However, while accident frequency is
anticipated to reduce as a result of driverless technology, the
study warns that accident severity could increase and that a
transfer of liability could occur, from drivers to car
manufacturers and software providers.
Paul Mang, Aon's Global CEO of
Analytics, said: "We know that the insurance sector is facing
challenges in the current macroeconomic environment; so we should
expect leading organizations in the industry to drive change.
We are already using technology to make us more efficient as
a sector, and to expand into emerging risk markets. However, the
true transformation will happen as we re-imagine risk management
altogether. In this new environment, collaborations, or what we
call open architecture innovation, will be key to creating net new
growth."
The 2017 GIMO report contains extensive analyses of the cyber
sector; it reveals that the handling of cyber risk is moving beyond
traditional insurance, and that a typical cyber insurance policy
should now offer access to a panel of service providers for
incident response and additional services. These services – whether
offered by a carrier directly or through partnerships – will
provide insurers with a way to broaden their value proposition
beyond the traditional insurance policy.
The report can be found at the following link:
http://aon.io/2vMRrBC
Further information
Aon Benfield PR team: Andrew Wragg (+44 207 522 8183 / 07595
217168) David Bogg or Alexandra Lewis
Follow Aon on Twitter: https://twitter.com/Aon_plc
For information on Aon plc. and to sign-up for news
alerts: http://aon.mediaroom.com
About Aon
Aon plc (NYSE:AON) is a leading global professional services
firm providing a broad range of risk, retirement and health
solutions. Our 50,000 colleagues in 120 countries empower results
for clients by using proprietary data and analytics to deliver
insights that reduce volatility and improve
performance.
View original
content:http://www.prnewswire.com/news-releases/open-architecture-innovation-will-drive-new-growth-for-insurers-according-to-aon-gimo-report-300516888.html
SOURCE Aon plc