Consumers are becoming more tech-savvy and have come to expect a seamless customer experience when it comes to their insurance policies.
Reinsurance rates are increasing 37-50% at the January 2023 renewals. This will put pressure on insurers' profitability and may lead to changes in coverage.
Good data is core to modern insurance, but the way insurers are using data is changing. New data sources are creating opportunities for new types of insurance, and new tools are simplifying the customer experience.
No-code solutions are revolutionizing the insurance industry by allowing companies to quickly develop and launch new products without relying on scarce developer talent.
While many AI applications are in their infancy, there are a growing number of AI applications designed for consumer use. As we discussed last week, being flexible and fast to launch products to new and niche markets are some of the keys to success.
Speed-to-market for new products is vital in uncertain times. Delays can cost millions in lost revenue.
Underwriting is arguably one of the foundational business functions that helped create our modern world.
Carriers that fully integrate telematics into their business operations can offer more tailored and competitive coverages to their customers. By connecting IoT data into insurance products, we can start to price risk more holistically.
Ease-of-use is crucial for customer experience. One-click purchasing was a game-changer for Amazon and Apple. Insurers can use this technology to make quoting and binding easier.
Security startups are seeing a significant boom as cybersecurity risks increase. The demand for better cybersecurity is a trend that is expected to continue for at least the next 5 years.