Summary
This document is a research report detailing IDC's predictions for the worldwide insurance industry in 2024. It outlines the challenges faced by the global economy, particularly in the insurance sector, where financial health is becoming increasingly critical. The report highlights that many consumers are seeking assistance to navigate financial uncertainties, yet access to insurance remains low due to various factors, including economic conditions and limited financial literacy. The predictions include significant trends such as increased investments in external app development services, the adoption of embedded payments in property and casualty insurance, and the rise of insurtech market consolidation. The report emphasizes the importance of digital maturity for insurers, suggesting that organizations must adopt digital-first strategies to enhance operational efficiency and market reach. It also discusses the necessity for insurers to balance risk mitigation with exploring new opportunities, leveraging emerging technologies to unlock the sector's potential. Overall, the report serves as a strategic planning tool for technology leaders in the insurance industry.
