Jason Zilberkweit
Senior research associate
Chat with our innovation experts
Connect with Jason, our expert in research and technology scouting, who supports top industry clients with innovative solutions in insurance. With a strong background in financial services consulting, Jason is equipped to help you drive impactful change. Reach out to explore tailored solutions for your needs!
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Insurance
Emerging technologies are transforming the insurance industry, enabling insurers to achieve new levels of efficiency and innovation. Partnering with SOSA, industry leaders harness these advancements to streamline operations and strengthen their competitive edge, setting new industry standards.
You’re in good company
Innovation in insurance
Imagine a world where insurance isn’t just a safety net but a dynamic, responsive system that anticipates and adapts to your needs. AI-driven underwriting is transforming insurance by speeding up analysis and boosting quote efficiency, while parametric insurance automates payouts for previously uninsurable events, ensuring quick recovery. IoT technology enhances coverage with real-time alerts and personalized rates, proactively preventing issues. Automated claims management reduces costs and improves transparency, and climate risk modeling leverages digital twins and machine learning for precise forecasts and early warnings, enhancing preparedness for extreme weather.
These innovations highlight industry trends toward AI-driven operations, personalization, connected world integration and predictive risk management, forging a more efficient, adaptive, and customer-centric insurance landscape. This digital shift is not merely about innovation - it's about creating smarter, faster, and more resilient insurance solutions that address today’s challenges and adapt to a rapidly changing world and emerging risks.
These innovations highlight industry trends toward AI-driven operations, personalization, connected world integration and predictive risk management, forging a more efficient, adaptive, and customer-centric insurance landscape. This digital shift is not merely about innovation - it's about creating smarter, faster, and more resilient insurance solutions that address today’s challenges and adapt to a rapidly changing world and emerging risks.
Insurance technology trends
AI-driven operations
AI is transforming insurance by automating tasks and enhancing accuracy, reducing reliance on human intervention and boosting efficiency in underwriting and claims.
Enhanced personalization
Insurers are harnessing diverse data to create highly personalized products and services, catering to individual needs and the demand for 24/7, tailored experiences.
Connected world integration
The interconnected nature of devices, vehicles, smart homes and cities is being leveraged for comprehensive monitoring and real-time data collection, leading to tailored insurance solutions.
Predictive risk management
Advanced analytics and AI are reshaping risk management by predicting and adapting to emerging threats, revolutionizing how insurers assess and handle risks.
Value-added insurance services
Insurers are extending value beyond policies with additional services like 24/7 monitoring, real-time alerts, educational material, and personalized recommendations, unlocking new revenue streams.
Use Cases
IoT-enhanced insurance solutions
Iot solutions revolutionize home and mobility insurance with real-time alerts and advanced connected devices. in home insurance, iot provides comprehensive protection with real-time alerts for motion, temperature changes, water leaks, fire, and smoke through a wireless monitoring system. in mobility insurance, iot offers personalized rates, collision prevention, real-time alerts, and advanced connected car technology. a data analytics platform supports safety by analyzing driving behavior and providing actionable insights for improvement. health insurers can use data from iot health monitoring devices to improve underwriting, detect fraud, and enhance transparency in pricing and claims. additionally, commercial factories and construction sites are promising targets for iot-enabled insurance due to the significant risks posed by heavy equipment and unsafe worker practices.
The impact:
Claims Reduction | Loss Ratio Reduction | Operational Efficiency | Customer Engagement Improvement | Revenue Growth | Market Differentiation | Cost Reduction |
10x
Roi for fleets within the first year
22%
Fewer accidents with eld usage
56%
Fewer unsafe driving incidents with eld usage
17%
Reduction in claims frequency
36%
reduction in claims costs
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Automated claims management
Automated claims management solutions leverage advanced technology to streamline and improve the claims process, optimizing damage assessment, reducing processing time, and preventing fraud. the solution provides real-time insights, robust reporting tools, and comprehensive integration. it utilizes machine learning to enhance claims management, automate routine tasks, and reduce human error. an ai-based inspection platform further automates damage detection and analysis through ai and computer vision, while an ai-powered fraud detection system identifies fraudulent claims by analyzing both structured and unstructured data, offering pre-account opening fraud detection, accurate claims identification, and ai-based document processing.
The impact:
Claims Reduction | Loss Ratio Reduction | Operational Efficiency | Customer Engagement Improvement | Cost Reduction | Fraud Prevention |
50%
Improvement in time to first contact
60%
Reduction in average cycle time
45%
Decrease in time to settlement
35%
Reduction in processing costs
100%
visibility into claims data and status, ensuring complete transparency
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AI-augmented underwriting
By harnessing the power of ai and genai, the ai-powered underwriting co-pilot revolutionizes the underwriting process. it dramatically cuts down analysis time and enhances risk assessment accuracy, automates routine tasks, gathers data from diverse sources, and employs generative ai to deliver insightful recommendations, thereby significantly improving underwriting decisions.
The impact:
Claims Reduction | Loss Ratio Reduction | Operational Efficiency | Revenue Growth | Underwriting Precision | Cost Reduction |
100%
Year-over-year increase in quote count
100%
Growth in the number of new policies issued in the first quarter compared to the previous year
4.5%
Reduction in loss ratio
58%
Improvement in underwriting time
9%
growth in gross written premiums
10x
acceleration in triaging process
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Parametric insurance for hard-to-insure risks
Parametric insurance transforms the landscape of coverage for previously uninsurable risks by leveraging predefined parameters for automatic payouts. this innovative approach eliminates the need for traditional loss assessment, enabling quicker and more precise payouts for risks such as weather-related disruptions, natural disasters, and commodity price fluctuations. popularized during the pandemic, parametric insurance has become a preferred solution for businesses seeking protection against black swan events. the global parametric insurance market is projected to nearly triple in value from 2022 to 2031.
The impact:
Claims Reduction | Loss Ratio Reduction | Operational Efficiency | Customer Engagement Improvement | Market Differentiation | Cost Reduction |
48h
Average time for claims payments
>9.5%
Increase in client acquisition
~ 250h
Saved annually with easy-to-integrate api
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How we serve the insurance industry's unique needs
Open innovation for insurers.
Discover the best-fit technologies and implement them fast.
Build new products and services with cutting-edge startups.
Identify where your business goals and the tech market intersect.
Make strategic investments in game-changing startups.
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Open innovation for public entities.
Implement emerging technologies that serve your citizens.
Scale your startup ecosystem.
Lead your corporations to the forefront of innovation.
Position your tech ecosystem on the global business map.
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Resources
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Blog
Why cyber insurance is a blue ocean for tech startups.
The damage that can be caused from cyber attacks is serious and imminent, and the world of cyber insurance must catch up.
Jonathan Kaplan
January 6, 2024
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Blog
2023 tech trends for insurance companies.
Can technology solve some of the challenges we’ve seen in the insurance industry in the last few years? The answer is yes. Our analysts are sharing 3 technology trends that can make a positive impact on insurers’ bottom line in 2023. Read on to see how technology-based underwriting, automated claims processing, and mental health and wellness solutions are changing the insurer and customer landscapes.
SOSA editorial team
November 1, 2023
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Report
The future of insurance.
In this report, we’ve collaborated with Tokio Marine’s Innovation Lab, London to break down insights into the future of insurance. We explore the major changes the insurance industry faces as a result of the growing protection gap and the emergence of a new generation of consumers, and present a wide range of opportunities offered by advanced technology.
December 19, 2022
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Report
Mental health & insurance spotlight report.
If you’re feeling stressed or anxious, you’re not alone. Nearly half of US adults reported symptoms of anxiety or depression in the pandemic too. The discussion surrounding mental health has found its place in the limelight and becoming increasingly important for insurance companies.
January 15, 2022
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Report
IoT in insurance industry insights report.
In collaboration with Tokio Marine’s Innovation Lab in London, we present this report on how IoT is taking risk prevention and mitigation to the next level and what these indicators relay about the future of home, SMB, and industrial insurance.
November 15, 2021
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Blog
What every company needs to know about reinsurance.
The concept of reinsurance has existed for over 700 years, created to protect the assets of traders and merchants. It has since evolved to be a global industry that stabilizes local insurance markets, and provides capital to the economy.
SOSA editorial team
October 17, 2020
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Blog
Metaverse, insurance, and mental health. The new new thing.
As enterprises are heading towards the metaverse, emerging technology is on the rise for the healthcare industry, covering mental health risks.
SOSA editorial team
May 24, 2020
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Blog
How auto insurers are transforming in a digital landscape.
With automakers embedding data-collecting markers into the vehicles, it becomes much easier to offer embedded insurance as part of a new car purchase.
Jonathan Kaplan
December 30, 2019
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