How Global Trends Are Transforming the Insurance Industry

By Apac CIO Outlook | Tuesday, November 24, 2020

FREMONT, CA: Insurance companies are investing in new technologies and applications to drive their innovative growth. Insurance technology is essential to ensuring the long-term viability of any insurance venture. It also helps keep up with industry standards and expectations and customer satisfaction.

Life and Health Insurance Trends

In insurtech, life and health space is a promising sector and with the help of modern technologies, it has enabled access to processing power to analyze the market and improve products and services. From customized chatbots to real-time data via IoT, these trends are gaining recognition and popularity.

Medical Apps Gain Value through Remote Approaches

Remote technology like wearable devices can be used to analyze and diagnose problems in a person's microbiome or detect other health-related issues. Telemedicine apps also enable patients to connect with qualified doctors when needed and get a diagnosis and treatment plan through a virtual platform.

Accessing the Internet of Things (IoT)

IoT can access data about consumer behavior and individual variables to help improve and refine products and services. AI can also analyze the data and identify new trends to help come up with different results and develop new ideas.

Emphasizing Customer Experience

Insurers need to focus on updating their approach to customer service by creating user-friendly platforms that will appeal to the latest generations of consumers. Automation has helped the process of insurance interaction from selecting and purchasing insurance to claims and processing.

Property and Casualty Insurance Trends

Innovative technology has made it easier to collect data from customers and enhance services from automobiles to property-aimed technology, increasing the scope of data collection and analysis.

Fintech and the Integration of API

The financial sector has seen an increase in their awareness and willingness to incorporate cutting-edge technology. With this rush towards innovation, there has been a rise in APIs' integration in new and exciting ways.

Growing IoT Data and AI Analysis

The IoT and AI have many applications to property and casualty, and these devices and technology can collect vital data on consumer habits and their property management. Companies can also analyze this data in new and innovative ways with the help of AI.

More Data means the Rise of Data Management

IoT has become a data source in the industry, and startups now focus on new data sources and have seen consistent growth in the quantity of available data. These new data sources range from satellite imagery to foot traffic and more.