Insurance Trends and Factors
With a range of products offered for consumers – from property and casualty to life tightly integrated to local demography – trends and challenges of insurance providers vary vastly. In the US, a variety of factors demands new approaches: the economic slowdown and advent of sharing economy services, the passing of the Affordable Care Act with the expansion of the consumer base, which adds an unknown quantity of risk, and the view of Gen X, Y and now millennials that is significantly different from that of baby boomers, which impacts life and retirement coverages. Factors are different, but the pattern is similar in the rest of the world in developed or emerging economies.
Oil & Gas
Oil & Gas enterprises tend to have a set of very specific goals, motivations and architecture consistent with the capital-intensive industry. The capital project dwarfs all internal change projects and redirects the company.
Often commodity price is the single largest determiner of core motivation. When prices are high, time-to-market is trump. When prices are low, efficiency is trump.
Over the last five years, Communication Service Providers are acting as though they are Digital Service Providers, running into direct competition with traditional cable services. Few organizations have recognized this shift or that maturity varies with geopolitical boundaries amongst these players.
Few forward looking statistical data points for Telecom:
- More than 60% of leading telecom providers think customer experience is their top priority
- Revenue from voice and text could drop dramatically over the next five years
- IDC and eMarketer research projects upwards of 25% growth via Internet of Things (IoT) and targeted advertising
- Revenue share of OTTs and retail distributors could eat into operator revenue (in terms of share of wallet)
- More than 60% of leading telecom providers see growth via expanding geographies or providing services in related markets (like TV or banking)