{"id":20919,"date":"2024-01-15T15:14:29","date_gmt":"2024-01-15T15:14:29","guid":{"rendered":"https:\/\/fintech.global\/insurtech100\/?p=20919"},"modified":"2024-01-15T15:14:29","modified_gmt":"2024-01-15T15:14:29","slug":"the-key-insurtech-trends-to-look-out-for-in-2024","status":"publish","type":"post","link":"https:\/\/fintech.global\/insurtech100\/the-key-insurtech-trends-to-look-out-for-in-2024\/","title":{"rendered":"The key InsurTech trends to look out for in 2024"},"content":{"rendered":"

2024 marks a pivotal chapter in the dynamic world of InsurTech, where innovation and technology converge to redefine the insurance landscape. From AI-driven risk assessments to the emergence of Generative AI, this year is set to herald in a new era that will revolutionise how insurance firms operate. As digitalisation accelerates and customer expectations evolve, 2024 is set to see a disruption to traditional models, offering personalised solutions, streamlined processes, and enhanced customer experiences.\u00a0\u00a0<\/strong><\/p>\n

Speaking to a host of key industry players,\u00a0FinTech Global<\/a>\u00a0uncovered what the companies at the heart of this burgeoning sector believe that the future will hold.\u00a0<\/span>\u00a0<\/span><\/p>\n

One such topic that\u00a0<\/span>seems to be ubiquitously<\/span>\u00a0considered as part of the future of the\u00a0<\/span>InsurTech<\/span>\u00a0landscape is that of AI and Machine Learning, as Efrat\u00a0<\/span>Marmur<\/span>, VP of Marketing at\u00a0Air Doctor<\/a>\u00a0explained. \u201cIn 2024, we can\u00a0<\/span>anticipate<\/span>\u00a0the significant impact of artificial intelligence (AI) and Machine Learning (ML) on the\u00a0<\/span>InsurTech<\/span>\u00a0landscape<\/span>.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cAir Doctor is aware of the potential of these technologies in enhancing services. For example, our platform leverages AI technologies to assess travellers\u2019 preferences and needs to provide tailored search results with recommended medical providers that meet their individual requirements.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

But what exactly is ML? Machine Learning stands as a subset of artificial intelligence (AI) and computer science. It revolves around\u00a0<\/span>leveraging<\/span>\u00a0data and algorithms to emulate the human learning process, continuously enhancing its precision over time.\u00a0<\/span>\u00a0<\/span><\/p>\n

It\u2019s<\/span>\u00a0exactly this promise of greater precision that appeals to custom software development company\u00a0<\/span>Symfa<\/span><\/a>. The firm, when discussing its views on the future of the\u00a0<\/span>InsurTech<\/span>\u00a0sector,\u00a0<\/span>opened up<\/span>\u00a0on the expected widespread adoption of AI and ML, explaining how it is certainly a part of their future<\/span>.\u00a0\u00a0<\/span>\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

Vitali Yurkevich, CEO of\u00a0<\/span>Symfa<\/span>, highlighted the intended strategies for the company to gain a competitive edge,\u00a0<\/span>stating<\/span>, \u201cAI implementation for decision-making aligns with our customers\u2019 pressing challenges.\u201d\u00a0<\/span>\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

He noted that customers often express struggles within the hampered macroeconomic situation and fierce competition, particularly concerning underwriters\u2019 efforts on less promising bids and resource-intensive yet slow-return products.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cWhat\u00a0<\/span>we\u2019re<\/span>\u00a0going to work on during the next year, is to develop a predictive tool capable of analysing a vast array of insurance data, offering business hints for submissions profitability, pricing\u00a0<\/span>adjustments<\/span>\u00a0and specifying necessary formula changes. Additionally, it will recommend against taking up new clients (if those\u00a0<\/span>don\u2019t<\/span>\u00a0meet specified margin indices) or\u00a0<\/span>discontinuing<\/span>\u00a0certain types of insurance if they prove to be low-margin or unprofitable,\u201d he added.\u00a0<\/span>\u00a0<\/span><\/p>\n

Future battlegrounds for insurers<\/span><\/b>\u00a0<\/span>\u00a0<\/span><\/p>\n

In the fast-paced realm of technological advancements, the insurance industry has been a witness to the meteoric rise of Generative AI (Gen AI) in 2023<\/span>.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

According to\u00a0<\/span>Scanbot<\/span>\u00a0SDK<\/span><\/a>\u00a0CEO<\/span>\u00a0Christoph Wagner, the potential for this technology is endless, particularly through the automation of process<\/span>es<\/span>.<\/span>\u00a0\u00a0<\/span>The solution could become a pivotal tool, reshaping the landscape for insurers, and offering a broad spectrum of applications. It<\/span>s\u00a0<\/span>capaci<\/span>ty<\/span>\u00a0to sift through data, create content, and forecast outcomes presents a transformative potential. Embracing this technology becomes a gateway for insurers to gain a competitive advantage, meeting evolving customer demands and industry trends.\u00a0<\/span>\u00a0<\/span><\/p>\n

Moreover, its automation capabilities extend to quote and policy generation, minimizing manual tasks involved in paperwork. AI-driven chatbots elevate customer support, delivering round-the-clock\u00a0<\/span>assistance<\/span>\u00a0and personalised communication. Leveraging customer data, Gen AI\u00a0<\/span>facilitates<\/span>\u00a0tailored policy recommendations, thereby\u00a0<\/span>optimizing<\/span>\u00a0upsell and cross-sell opportunities for insurers.\u00a0<\/span>\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

Wagner explained, \u201cAdvances in AI have the potential to revolutionise automation in the insurance industry. Many insurance processes, particularly claims management, are still labour-intensive and require manual document review. However, the evolving capabilities of AI and machine learning promise to automate these tasks \u2013\u00a0<\/span>provided<\/span>\u00a0the input data is of high quality<\/span>.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cThe\u00a0<\/span>Scanbot<\/span>\u00a0SDK delivers just that: Our mobile document scanning solution provides insurers with a simple, reliable tool that produces the crisp, high-quality scans demanded by automated processing. As the entry point of automated workflows, scanning is an integral feature of modern insurance apps and websites. The technology thus not only streamlines existing processes but also lays the foundation for further AI advancements in the\u00a0<\/span>InsurTech<\/span>\u00a0industry.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

This viewpoint is echoed by customer experience (CX) automation firm\u00a0Ushur<\/a>, who concur that Generative AI will transform the future of the field. So much so, that the company described it as the \u201c1,000lb gorilla in the room\u201d for firms looking to best utilise new technology.<\/p>\n

Henry Peter, Ushur CTO and co-founder said, \u201cEarly adopters of Gen AI capabilities will create an expectation amongst customers (businesses as well as end-consumers) for a certain level of responsiveness, personalisation and utility in every interaction serviced by an InsurTech provider.<\/p>\n

\u201cWe<\/span>\u00a0foresee a shift in AI budgets away from ML modelling experiments for back-office use cases business units like underwriting, and towards AI projects that add responsiveness through conversational-based experiences.\u201d<\/span>\u00a0<\/span><\/p>\n

However, there are reasons to be cautious. History has shown with the emergence of new capabilities, the\u00a0<\/span>initial<\/span>\u00a0rush often lacks a thorough consideration of its true potential for business impact.\u00a0<\/span>\u00a0<\/span><\/p>\n

This is one thing that Jamie Wilson, Head of Pricing & Innovation at\u00a0<\/span>h<\/span>yperexponential<\/span><\/a>\u00a0was keen to stress as we head into 2024. He said, \u201cHistorically when a new capability like Gen AI has\u00a0<\/span>e<\/span>merged<\/span>,<\/span>\u00a0people jump onto the bandwagon without taking the time to work out where it can have the greatest business impact. In 2024,\u00a0<\/span>w<\/span>e\u2019ll<\/span>\u00a0see insurers realise that to unlock the awesome capabilities of these emerging technologies, they need a robust and integrated data strategy and corresponding technology ecosystem.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

The evolution of customer expectations<\/span><\/b>\u00a0<\/span>\u00a0<\/span><\/p>\n

As we embark on the new year, the\u00a0<\/span>InsurTech<\/span>\u00a0sector seems to be on the precipice of a dramatic shift in relation to customer expectations. At the heart of this is a desire to\u00a0<\/span>depart<\/span>\u00a0from conventional\u00a0<\/span>practices, instead prioritising personalisation, and the implementation of bespoke products, underpinned by a fusion of data-driven insights and direct user feedback.\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

This pivot towards producing a customer-centric offering is at the epicentre of what Melanie Hayes,\u00a0<\/span>C<\/span>O<\/span>O<\/span>\u00a0and co-founder of\u00a0KYND<\/a>, described as a \u201ckey driver of customer engagement in the digital era<\/span>\u201d<\/span>.<\/span>\u00a0With descriptions such as this, it is clear to see why managing customer expectations is expected to be a pivotal determiner of success in this hyper-technological era<\/span>.<\/span>\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

Hayes said, \u201cHyper-personalisation has\u00a0<\/span>emerged<\/span>\u00a0as a key driver of customer engagement in the digital era, and in 2024,\u00a0<\/span>InsurTech<\/span>\u00a0firms are likely to continue prioritising hyper-personalisation strategies to meet rising customer expectations and deliver highly customised and relevant experiences to their clients. We expect this trend to particularly accelerate among cyber risk analytics providers for the insurance industry.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cAs firm supporters of customer-centric innovation ourselves since the very outset, KYND\u2019s proprietary technology has been built with insurers in mind to ensure we continually improve our data and services based on the evolving challenges and needs of our clients. This is precisely why, unlike many in the field of cyber risk analytics, we refrain from\u00a0<\/span>providing<\/span>\u00a0ratings on a company\u2019s cyber risk. Instead, KYND helps underwriters make well-informed decisions by cutting out the noise and highlighting the risks which matter uniquely to them: those that lead to cyber incidents and\u00a0<\/span>subsequent<\/span>\u00a0claims and losses, reinforcing a customer-centric approach within the industry through tailor-made, data-driven risk insights,\u201d she continued<\/span>.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

But why has this shift occurred, what is driving it? In the eyes of\u00a0<\/span>Scanbot<\/span>\u00a0S<\/span>DK<\/span>\u2019s<\/span>\u00a0Wagner<\/span>, the answer is simple, the introduction of the modern consumer, whose demands are higher, and more demanding than ever.\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

He explained, \u201cConsumers want instant and flexible access to insurance services through digital channels such as an app or mobile website. The\u00a0<\/span>Scanbot<\/span>\u00a0SDK enriches the digital insurance experience by enabling processes such as fast and reliable ID and document scanning in insurance applications.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

This viewpoint was shared by Air Doctor\u2019s\u00a0<\/span>Marmur<\/span>, who added, \u201cCustomers expect\u00a0<\/span>InsurTech<\/span>\u00a0companies to offer personalised insurance products and services tailored to their individual needs.\u00a0<\/span>That\u2019s<\/span>\u00a0why\u00a0<\/span>we\u2019ve<\/span>\u00a0been developing our digital card innovation \u2013 to ensure Air Doctor\u2019s solution is as accessible and as personalised as possible<\/span>.\u00a0\u00a0<\/span>\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201c<\/span>It\u2019s<\/span>\u00a0also important to keep in mind that customer expectations continue to evolve<\/span>.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

That\u2019s<\/span>\u00a0why Air Doctor focuses on enhancing user experience through intuitive interfaces and proactive engagement. We\u00a0<\/span>leverage<\/span>\u00a0data analytics to\u00a0<\/span>anticipate<\/span>\u00a0customer needs so we can adapt accordingly and continue to\u00a0<\/span>provide<\/span>\u00a0seamless interactions,\u201d she added<\/span>.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

But is the future of\u00a0<\/span><\/b>InsurTech<\/span><\/b>\u00a0green in 2024?<\/span><\/b>\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>In today\u2019s insurance landscape, Environmental, Social, and Governance (ESG) considerations have\u00a0<\/span>emerged<\/span>\u00a0as a central concern, that is no longer avoidable. That is why, according to many industry experts, the sector\u2019s multi-faceted \u2018green\u2019 challenge is set to become even more important as we head into 2024.\u00a0<\/span>\u00a0<\/span><\/p>\n

Stan\u00a0<\/span>Skavronsky<\/span>, Sales Executive at\u00a0<\/span>Symfa<\/span>, gave his view on the future of these rising ethical considerations. He said, \u201cESG will continue to be a prominent topic for insurance in 2024, with climate and societal issues demanding\u00a0<\/span>more and more<\/span>\u00a0public attention. There are two main growth vectors I could distinguish in the ESG area for\u00a0<\/span>InsurTechs<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cThe first one will affect the way insurance is done from the inside. Reputational risks already make insurers tilt away from climate-hostile businesses. We see some reduction in coverage for fossil-fuel companies (oil & gas, carbon). Those are non-legislative consequences, and\u00a0<\/span>we\u2019re<\/span>\u00a0about to see a far greater effect if (or rather when) ESG regulations become ubiquitous<\/span>.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cThe second vector is more outward, public-oriented.\u00a0<\/span>InsurTechs<\/span>\u00a0will continue to focus on user- and society-friendly growth strategies, as\u00a0<\/span>unfavourable<\/span>\u00a0economic conditions will make a lot of policyholders reconsider their insurance budgets.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201c<\/span>I<\/span>ntelligent usage- and event-based models are set to prevent unnecessary expenses for users. On top of this, double coverage for carriers will consolidate their position among insureds and insurers alike.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201c<\/span>A perfect example of this is\u00a0<\/span>California-based\u00a0<\/span>firm\u00a0<\/span>Jumpstart, a parametric InsurTech utilising publicly available data on earthquakes to provide affordable event-based insurance. Low monthly fee<\/span>s<\/span>, transparent eligibility criteria,\u00a0<\/span>and\u00a0<\/span>no need for loss adjusters make it an ideal ESG InsurTech player. More will follow this path, with larger carriers joining the game through partnerships or mergers,<\/span>\u201d\u00a0<\/span>he<\/span>\u00a0explained.\u00a0<\/span>\u00a0<\/span><\/p>\n

KYND\u2019s Hayes agreed with the principle that ESG considerations will become even more paramount in 2024, claiming that ever-tightening regulations will be the catalyst for this increase in importance.<\/span><\/p>\n

\u201cIncreasingly, regulatory frameworks are coming into place that demand higher levels of scrutiny, with a rapid uptake in mandatory disclosures.\u00a0<\/span>In light of<\/span>\u00a0this, integrating robust cyber risk management strategies into ESG oversight has never been more essential, and strengthening operational resilience for companies in the face of escalating cyber threats is becoming ever more a priority,\u201d she explained.\u00a0<\/span>\u00a0<\/span><\/p>\n

Indeed, the feeling that ESG considerations will be at the forefront of the InsurTech sector is seemingly ubiquitous across the market.\u00a0<\/span>Scanbot<\/span>\u00a0SDK<\/span>\u2019s Wagner<\/span>, and Air Doctor\u2019s\u00a0<\/span>Marmur<\/span>\u00a0both take time to specifically touch upon their own company\u2019s dedication towards the cause in 2024.\u00a0<\/span>\u00a0<\/span><\/p>\n

As the\u00a0<\/span>InsurTech<\/span>\u00a0sector charges into 2024, the landscape is poised for a seismic shift driven by groundbreaking advancements. Machine learning, coupled with the rise of Generation AI, is set to revolutionise risk assessment, claims processing, and customer interactions. Moreover, the ever-growing importance of ESG (Environmental, Social, and Governance) factors is steering the industry towards sustainability and ethical practices. As we venture forward, the real winners will be those who adeptly navigate this convergence of innovation and responsibility. The key lies in being nimble, and adaptable not only to the known changes but also to the unforeseen transformations that await on the horizon. Thriving in this dynamic sector hinges on a readiness to embrace these considerations and swiftly respond to future shifts that are yet to reveal themselves.<\/span>\u00a0<\/span><\/p>\n

Keep up with all the latest\u00a0FinTech news here<\/a>.<\/p>\n

Copyright \u00a9 2024 FinTech Global<\/p>\n","protected":false},"excerpt":{"rendered":"

2024 marks a pivotal chapter in the dynamic world of InsurTech, where innovation and technology converge to redefine the insurance landscape. From AI-driven risk assessments to the emergence of Generative AI, this year is set to herald in a new era that will revolutionise how insurance firms operate. As digitalisation accelerates and customer expectations evolve, […]<\/p>\n","protected":false},"author":4,"featured_media":20922,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"\nThe key InsurTech trends to look out for in 2024 - InsurTech100 2025<\/title>\n<meta name=\"description\" content=\"2024 marks a pivotal chapter in the dynamic world of InsurTech, where innovation and technology converge to redefine the insurance landscape. From AI-driven risk assessments to the emergence of Generative AI, this year is set to herald in a new era that will revolutionise how insurance firms operate. As digitalisation accelerates and customer expectations evolve, 2024 is set to see a disruption to traditional models, offering personalised solutions, streamlined processes, and enhanced customer experiences.\u00a0\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fintech.global\/insurtech100\/the-key-insurtech-trends-to-look-out-for-in-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The key InsurTech trends to look out for in 2024 - InsurTech100 2025\" \/>\n<meta property=\"og:description\" content=\"2024 marks a pivotal chapter in the dynamic world of InsurTech, where innovation and technology converge to redefine the insurance landscape. 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As digitalisation accelerates and customer expectations evolve, 2024 is set to see a disruption to traditional models, offering personalised solutions, streamlined processes, and enhanced customer experiences.\u00a0\u00a0","breadcrumb":{"@id":"https:\/\/fintech.global\/insurtech100\/the-key-insurtech-trends-to-look-out-for-in-2024\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/fintech.global\/insurtech100\/the-key-insurtech-trends-to-look-out-for-in-2024\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/fintech.global\/insurtech100\/the-key-insurtech-trends-to-look-out-for-in-2024\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/fintech.global\/insurtech100\/"},{"@type":"ListItem","position":2,"name":"The key InsurTech trends to look out for in 2024"}]},{"@type":"WebSite","@id":"https:\/\/fintech.global\/insurtech100\/#website","url":"https:\/\/fintech.global\/insurtech100\/","name":"InsurTech100 2025","description":"The world\u2019s most innovative InsurTech companies that every leader in the insurance industry needs to know about","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/fintech.global\/insurtech100\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/fintech.global\/insurtech100\/#\/schema\/person\/0af987960b571f65239589a7be4bb2bc","name":"editorial","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/fintech.global\/insurtech100\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/e25caf13ff74e4ec69c5895b17b6b1e0?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/e25caf13ff74e4ec69c5895b17b6b1e0?s=96&d=mm&r=g","caption":"editorial"},"url":"https:\/\/fintech.global\/insurtech100\/author\/editorial\/"}]}},"_links":{"self":[{"href":"https:\/\/fintech.global\/insurtech100\/wp-json\/wp\/v2\/posts\/20919"}],"collection":[{"href":"https:\/\/fintech.global\/insurtech100\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fintech.global\/insurtech100\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fintech.global\/insurtech100\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/fintech.global\/insurtech100\/wp-json\/wp\/v2\/comments?post=20919"}],"version-history":[{"count":1,"href":"https:\/\/fintech.global\/insurtech100\/wp-json\/wp\/v2\/posts\/20919\/revisions"}],"predecessor-version":[{"id":20926,"href":"https:\/\/fintech.global\/insurtech100\/wp-json\/wp\/v2\/posts\/20919\/revisions\/20926"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fintech.global\/insurtech100\/wp-json\/wp\/v2\/media\/20922"}],"wp:attachment":[{"href":"https:\/\/fintech.global\/insurtech100\/wp-json\/wp\/v2\/media?parent=20919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fintech.global\/insurtech100\/wp-json\/wp\/v2\/categories?post=20919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fintech.global\/insurtech100\/wp-json\/wp\/v2\/tags?post=20919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}