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The world of insurance is set to get a major facelift this year, and this is mainly due to two things. First is the growing protection gap caused by the evolution of economies, climate change, and healthcare needs across the globe. In 2021, this gap reached an all-time high of US $1.42 trillion, according to Swiss Re. And it shows no signs of stopping. Now is the time to provide faster, more convenient, and affordable insurance coverage.
Next is the new generation of insurance customers. PwC reported in 2022 that 80% of new customers would switch carriers because of a non-user-friendly digital interface.
The fast pace of digital transformation and technological advancements have changed the insurer and customer landscapes, but this also means opportunities for your business. And here are three technology trends our analysts have found for you to start with:
#1: Technology-based underwriting
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The world of insurance is competitive and fast-paced. And there’s a lot that needs to be done by insurance companies. Processing paperwork and onboarding new clients, as well as adjusting and underwriting insurance products can now be automated with AI.
How this could help your business
Because everything happens automatically, insurers can dramatically increase policy underwriting speed and volume. Also, it can reduce the cost of inspections that rely entirely on human execution.
What technology-based underwriting looks like
With the help of geospatial imaging and machine learning, there will be fewer cases where professional property inspections will be required. Also, AI-based data collection means policies can be processed and priced automatically, and more accurately.
#2: Automated claims processing
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Building trust with customers is vital in 2023 and one of the ways to do it is by making your processes more efficient. Claims is an important focus area since your customers expect the highest quality at every step of the process, from data collection to payouts.
How this could help your business
Hugely increase the speed of submitting and processing claims while ensuring maximum accuracy of both processing and payouts.
What automated claims processing solutions look like
Manual input is (or should be) a thing of the past. And in 2023, thanks to telematics, you’ll be able to automatically collect data from any event, and streamline claims processing.
#3: Mental health and wellness
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There’s a growing awareness of mental health conditions across every generation, and the healthcare industry is working hard to find solutions to address this.
How this could help your business
There are so many benefits to focusing your business on mental health and wellness. Technology can make mental health therapies and resources more available for those suffering while improving patient outcomes with hyper-personalized programs. As for insurers, this has a knock-on effect. It allows them to pre-empt costly treatments and drive prevention, which is cheaper.
What mental health and wellness solutions look like
Imagine healthcare providers being able to use digital mental health diagnostics, offer mental health therapy in the metaverse via VR, and provide social health platforms where people can talk through their shared experiences. These are a reality right now, and they’re only some of the many examples of how technology is changing the way we treat mental health challenges.
A few final words
This list is just the beginning of the trends available to insurers in 2023, and while you’re putting these first 3 to work for you, be sure you have an eye on what’s coming up next.
At SOSA, we globally source and validate startups for insurance companies like SwissRe, Tokio Marine, Zurich, MS&AD, and many more. Let us help your innovation team find exactly the technologies that directly impact the bottom line. We don’t just find you the best-fit technologies for your business, but also take you to the finish line with pilots, implementations, or investments.
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