Domestic and global developments will fundamentally impact the insurance business in 2013.
Boston, January 16, 2013 – A new report from Aite Group reveals the top 10 trends that will shape the insurance industry, including health and P&C insurance, in 2013.
2013 promises to be a year of transformational change in which domestic and global developments will fundamentally impact the healthcare system and the business of insurance. Following the 2012 re-election of President Obama in the United States, players in the U.S. healthcare ecosystem will be impacted by sweeping changes to healthcare delivery and compensation resulting from full implementation of the Patient Protection and Affordable Care Act. Participants in the North American P&C world will have to focus on the simultaneous and daunting challenges of hardening their data security, managing unprecedented torrents of data, complying with elevated regulatory requirements, modernizing core operations, leveraging new technologies, and managing the insurance realities of climate change.
For 2013, then, Aite Group’s top 10 trends for insurance are as follows:
- Insurance product distribution consolidates
Health Insurance and Payments:
- The market bets on patient transparency
- Patient billing rises to the top
- Remittance doubles down
- Private exchanges go mainstream
- Hardening defenses against fraud and cyber terrorists
- Managing and leveraging big data
- Core system modernization and process transformation
- Leveraging new technologies
- Addressing climate change
“With the November election providing some certainty, more treasury banks will enter into the healthcare solution space as the impending January 1, 2014 PPACA timeline for electronic remittance and funds transfer draws closer,” says senior analyst Michael Trilli.
“Managing conflicting priorities and tight budgets will require truly innovative thinking and approaches. This means that mistakes will have to be both made and tolerated for the discovery of successful solutions to occur,” adds senior analyst Stephen Applebaum.
A 21-page Impact Note containing four figures is available from Aite Group.
About Aite Group
Aite Group is a leading independent research and advisory firm focused on business, technology and regulatory issues and their impact on the financial services industry.
Aite Group offers membership to its syndicated research, which includes unlimited access to its analysts. Aite Group also conducts custom consulting projects, including white papers, in-person strategy sessions and Webinars, competitive analysis, market entry strategy, vendor evaluations, qualitative and quantitative customer research.
Aite Group’s team of experts cover the banking, payment, wealth management, retail securities, institutional securities, health insurance, life insurance and P&C verticals.