8. The proliferation of insurtech distribution
Rory Yates further predicted that ill-equipped insurers would either lose market share or adopt expensive point solutions to access by 2023. Then they would resume running new channels like the insurtech sector and continue their maturation cycle. As a result, the industry will grow significantly as fewer tech competitors drop out of the race or adopt new business strategies.
The proliferation of new technologies has gradually increased, including artificial intelligence, cloud computing and analytics, and new data streams from IoT, third-party databases, social media, and other sources. So insurers now have a range of strategic choices for the products they offer, their distribution networks, and even their overall operating models. Here, the ability to invest at multiple speeds, strengthening core distribution while developing new models and approaches, is becoming a critical imperative for insurance management teams.
9. Automation of insurance processes will continue
Automation technologies (RPA, ML, low-code/no-code), analytics technologies (AI, predictive analytics), and connected insurance (IoT, usage-based) will lead to increasingly targeted insurance products and best services. Automation will further increase customer loyalty as it develops throughout 2023 and peaks in 2024.
Today, insurance companies are positioning themselves to respond to the changing business landscape as AI becomes more integrated into the industry. For example, insurance companies are taking advantage of technological change driven by insurtechs to create a business model that uses AI at its core.
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