ASK AN INSURTECH FUTURIST: WHAT WILL THE FUTURE OF INSURANCE HOLD?

30 Jul ASK AN INSURTECH FUTURIST: WHAT WILL THE FUTURE OF INSURANCE HOLD?

Posted at 08:15h in Uncategorized by

OK, we admit it: Insuretech futurists and keynote speakers are often quick to point out that a tidal wave of disruption is about to impact the home, life, health, auto and car insurance fields. (Among other spaces like casualty, marine, fire/flood, etc.) But they don’t always take a moment out to explain the reasons behind these shifts occurring in the field. All told, working as insuretech futurists and keynote speakers, we wanted to remedy that below…

  • Artificial Intelligence – AI will be used more extensively for underwriting, claims assessment, personalization, and predicting risk. AI bots may replace adjusters.
  • Big Data Analytics – Insurers will leverage larger data sets and predictive modeling to price policies dynamically based on risk profiles and behaviors.
  • Internet of Things (IoT) – Per the best insuretech futurists and keynote speakers: Connected sensors will enable real-time monitoring of assets and conditions to proactively manage risk and prevent losses.
  • Drones – Drones will be used to assess damages and verify claims through aerial imagery and video after incidents like floods or roof damage.
  • Blockchain – Blockchain-based systems will facilitate faster, more transparent data sharing and payments between insurers and third parties.
  • 5G – Faster 5G networks will enable new capabilities like autonomous insurance where premiums are based on actual driving data.
  • Virtual Reality – VR will transform customer experiences and training through immersive simulations and virtual property visits the way insuretech futurists and keynote speakers tell it.
  • Biometrics – Fingerprint, facial and voice recognition used for identity verification, fraud prevention and accessing policy info via mobile apps.
  • Cloud Computing – Greater use of cloud infrastructure will allow for flexible, scalable insurtech platforms and on-demand services.
  • Cybersecurity – Advanced encryption and cybersecurity measures will help insure secure transactions and protect sensitive customer data in the cloud.

 

The bottom line? What we hear from the best insuretech futurists and keynote speakers is that emerging digital technologies will help insurers customize coverage, prevent fraud, improve customer experiences, and develop new data-driven business models.