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Innovation is integral to the success of an insurance company today. With the increased pace of change in society, climate and technology – exacerbated by the COVID-19 pandemic and the work from home era – innovation has become a core driver of the short-term and long-term success of insurers.
Experts looking at the InsurTech sector for 2021 see both more of the same and new things ahead. Some predict more IPOs, M&A and partnerships. Others expect new InsurTech ideas to fully take root, such as the embedding of insurance into every financial and retail transaction.
Adapting to new ways of working and thinking is never easy, but the insurance industry is ripe for a revolution, and it is up to industry leaders to understand the trends that will lead the way.
Beyond digital transformation based on largely proven technology, insurers must patiently explore the capacity of emerging technologies, such as AI and Big Data, for reshaping business processes over the longer term.
Findings from the Xpedition Innovation Equation Report clearly demonstrate the recognition amongst insurance professionals of the importance in delivering omnichannel customer engagement.
Insurance policies that are sold online need to be packaged and priced differently than those that rely on face-to-face sales.
The only way to truly shift the insurance industry towards more diversity is by being open and honest about failures, just as much as successes.
With assets under management of around €10 trillion, insurers in Europe have plenty of financial clout to drive changes that will promote sustainability earn them more trust among customers.
While 2020 proved to be a year that changed the way we live and work, our predictions for 2020 nevertheless proved to be remarkably accurate.
Experts from global reinsurer SCOR have concluded that pandemics are uninsurable due to insurers not having the capacity to absorb such loss accumulation.
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