Trends Report

Industry Essential: The US Insurance Market, 2011

Insurance Transformation Exposes Key Opportunities For Technology Vendors

March 24th, 2011
Ellen Carney, Principal Analyst
Ellen Carney Principal Analyst
With contributors:
Beth Hoffman , Ellen Daley

Summary

The US insurance industry represents 3.2% of gross domestic product (GDP) and generated nearly $1 trillion in revenues in 2009, but even with that big number, premium growth has been declining for several years. The insurance industry is regulated at the federal and state level, and the need to comply with 51 regulatory bodies creates a number of gaps that technology vendor strategists can step in to fill. What do you need to know as a technology vendor strategist when crafting an approach to target new or grow existing business within US insurance market? This update of the 2007 market overview describes the structure of the US insurance industry, its business and technology trends, industry leaders, strategic technology suppliers, and technology investment forecasts. It primarily addresses the property and casualty, life and annuities, and reinsurance segments. Bottom line: In an environment where a changing customer base is reacting to a new economic reality and customers and employees alike are demanding new technology-enabled experiences, vendor strategists can't overlook the opportunity that the US insurance market represents.

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