The Third-Annual Earnix Industry Report is Now Available

Detailed survey findings and key insights into 2024’s top insurance trends

Earnix is proud to announce the release of our third-annual insurance report, The Earnix 2024 Industry Trends report.

Following a similar approach to the previous versions, this year’s report surveyed 431 global insurance executives from across Australasia, Europe, the UK, the United States, and Canada. Survey participants represented a wide range of roles and departments, including actuarial/pricing, analytics, product, underwriting, C-Suite, and IT/technical. 

We once again collaborated with Market Strategy Group to develop a broad, comprehensive survey addressing many of the key topics today’s executives are focused on. We collected thousands of answers and performed a deeper analysis of this information, especially in the context of how these trends are evolving year over year and their implications for insurers on a global level.

This year’s report presents these findings and key insights in five different categories: modernizing operations, artificial intelligence and analytics, underwriting, regulatory compliance, and collaboration and innovation.

The following statistics represent just a highlight of what is found in this year’s report in those categories:

• The need to modernize legacy systems: Insurers still need to move beyond legacy systems and fully modernize their operations, yet 50% admit that they are behind schedule.  

• Artificial intelligence and analytics: More than two-thirds of respondents expect to deploy AI models that make predictions based on real-time data in the next two years.

• Underwriting: Only 30% of executives said that they can implement underwriting in three to four months, while even fewer (11%) reported that they can make these changes in just one to two months. Yet, many innovative insurers are now using modern technology to update various models in weeks and days – if not faster.

• Regulatory compliance: The majority of respondents are focused on regulatory compliance this year – continuing a two-year trend – possibly in response to a high number of insurers paying compliance fines.  

• Collaboration and innovation: Less than 25% of insurance executives believed that their current teams collaborate on a regular basis. Conversely, nearly 70% reported that their teams rarely collaborated, and even then, only on an ad hoc basis.

Each section of the report goes into each of these themes in much more detail with additional statistics and analysis.

Turn Insights into Action

The report summarizes a viewpoint that many insurance companies share today: the need to modernize operations and fully take advantage of innovative new technology to help them move beyond status quo processes.

Our new research findings can help you understand how to get started, what the competition may be doing now, and the role technology can play in delivering a valuable new advantage.

Interested in learning more? Download the Earnix 2024 Industry Trends report today.