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NTT DATA’s Insurtech Global Outlook 2023

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Apr 14, 2023

On the 18th of April, 2023, NTT DATA will publish its new report: Insurtech Global Outlook 2023. NTT DATA, part of NTT Group, is a global innovator of IT and business services headquartered in Tokyo. NTT DATA helps clients move confidently into the digital future through consulting, industry solutions, business process services, IT modernization and managed services.

NTT DATA gave us a sneak peek of what’s coming in their Insurtech Global Outlook 2023 report. Check out the main themes that are covered down below:

Sustainable World

According to AXA Future Risk Report 2022, Climate change is now the number 1 risk among the global Top 10 emerging risks. How should insurers adapt their operations to the new reality, as most insurers are only moderately prepared for what’s coming? What products, solutions and resilience services can add more value for insurers and their path to building a net-zero insurance strategy? And how can insurtechs play a key role in this area?

Smart Distribution

New ecosystems are emerging, and younger generations don’t concern themselves as much with insurance but prefer to buy some protective service together with their core product. The embedded model continues to grow, with insurers investing 7 times more in embedded insurance in 2022 than in 2019. Can insurtechs provide a new channel and distribution model appropriate for these changing times?

Digital Risks

Cyber attacks have been increasing immensely, and so have the costs that come with them. Digital transformation brings in new cybersecurity challenges; ensuring data security, emerging new tech, hybrid working and the general number of available targets as the use of all kinds of appliances and devices increases. With cybersecurity becoming more and more important, how can insurers best help their clients prepare for and counter digital threats?

Next Level Underwriting                                                                       

According to Blackrock’s Global Insurance Report 2022, Inflation was the top 1 concern for the insurance industry in 2022. Inflation erodes real premium growth, impacts global demand, and creates higher claims costs in non-life lines. Weak underwriting performance and low investment results have contributed to less global non-life insurance profitability. How should policyholder risks be determined in a more automated and intelligent way? Do Insurtechs have the key?

Companies that Care

The global health insurance market is expected to grow at a CAGR of 7.6% from 2021 to 2030 and reach $3.9 trillion by 2030. Companies are starting to pay more attention to employee care as it is an important job attribute to attract talent and prevent employees from missing work days. Consumer digital health adoption rises, as does the preference for personalization. This gives insurers more data to work with, monitoring and helping to guide consumers to improve their health. What insurtechs can help?

We’re proud to announce that NTT DATA is PLATINUM PARTNER at ITC DIA Europe 2023! Would you like to learn more about any of these topics and how Insurtechs can help tackle these issues? The Insurtech Global Outlook 2023 will be available here, on the 18th of April 2023.

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