2019 was an exciting year for the insurance industry, with technological advancements providing fundamental changes to nearly every aspect of the business. Given that the only way insurers can remain relevant amidst such disruption is to stay ahead of the curve and adopt the technologies of tomorrow, now is a great time to take a look at the top 7 technology trends for insurers to pay attention.
- Real-time internet of things data – internet of things and telematics technologies are giving insurers access to real-time data that is directly actionable for a number of insurance tasks, including underwriting, risk pricing and even mitigation.
- AI-powered claims processing – the wealth of data that insurers now possess is so overwhelming that it can only be taken advantage of with AI-based technologies that are specifically designed to act upon that data.
- Consumer experience becoming a competitive advantage – research shows that retail insurance consumers, especially younger ones, are increasingly drawn to innovative insurance products that are delivered in a seamless, digital-first way.
- Greater efficiency and growth creation – robotic process automation and business process management technologies are making waves by expediting and streamlining the way insurers operate, significantly reducing overhead.
- Blockchain data management – with a significant rise in the volume of personal and sensitive data, data management has become an important issue. Blockchain technology offers insurers inherent data security, the ability to provide consumers with faster services and significantly-reduced fraud risks.
- Partnerships with InsurTech startups – most digital transformation success stories to date come from collaboration between different types of industry players. InsurTechs bring agility, innovation and technology, while incumbents have the expertise to manage, assess and price risks. Combining these very different strengths seems like a sensible strategy in a consumer-driven market.
- No-code and low-code platforms – no-code and low-code applications are changing the way enterprises create new digital products and applications. Thanks to no-code and low-code platforms developed to address the unique compliance, risk management and security requirements of financial institutions, the development of the front-end consumer experiences has been significantly accelerated, helping insurance companies enter this new fast-paced and consumer-focused era.