2017 Insurance Trends by Capgemini - InsurTech Holland

The insurance industry is witnessing a slow but certain evolution and the two key forces driving this are connected technologies and data analytics. The Internet of Things (IoT) has moved beyond hype to actual use cases being explored by insurers, especially in the smart home space. loT and data analytics are slowly driving a shift toward a focus on proactive risk management and risk mitigation, even in personal lines. Mobile apps, especially, are being extensively leveraged by insurers across business lines to help customers botter manage their health, lifestyle, or property, thus creating a win-win situation by enhancing customer experience as well as lowering claims costs.

Insurers’ operating and business models are evolving, driven by trends such as a disaggregation of the insurance value chain, new product opportunities emerging from the sharing economy, and the trend of insurers providing value-added services as a means to differentiate their companies in a competitive market. Insurance distribution is being redefined by new technologies such as chatbots, digital tools that are creating greater market transparency and competition, and growth of direct channels in the small business market. The stream of new technologies finding applications in the insurance industry is also increasing every day. Blockchain, Artificial Intelligence (Al) and Robotic Process Automation (RPA) are some of the key areas that have significant potential to streamline insurers’ operations while enhancing customer experience. Likewise, augmented reality is being explored for applications beyond marketing in insurance.

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via insurtechholland.org