FECHA, MES, AÑO
Nombre del reporte
TECH REPORT
Copy to share
Why InsurTech Matters?
The general insurance sector (P&C) in the United States achieved a subscription gain of $9.3 billion in Q1 2024, a significant recovery from the $8.5 billion loss in the same quarter the previous year. (Deloitte, 2024) art of this loss was due to a lack of modernization amid the boom in AI and other advanced technologies. These data underscore the importance of modernization and ethical oversight in maintaining competitiveness and customer trust.
(1760-1840)
Key Technologies: Mechanization, steam engines, mass production
Insurance Impact: Emergence of basic industrial insurance models
(1870-1914)
Key Technologies: Electricity, railroads, and mass production expansion
Insurance Impact: Structured life, property, and liability insurance models
Key Players: Prudential (UK) and Metropolitan Life (US) led in offering life insurance to urban populations.
(1960-1990)
Key Technologies: Computers, internet, and telecommunications.
Insurance Impact: Customer databases, online platforms, and automated processes to streamline operations.
Future Vision: Global connectivity and data-driven decision-making. The widespread use of computers in insurance operations allowed for more accurate risk assessment and policy management.
(2000-2020s)
Key Technologies: BIg Data, Robotics and Machine Learning.
Insurance Impact: Rise of InsurTechs (e.g., Lemonade, ZhongAn), with advanced analytics with early AI transforming underwriting and personalization.
Key Players: AXA and Zurich focused on data-driven innovation
(2020-Present)
Key Technologies: AI-human collaboration, ethical technology, sustainability
Insurance Impact: Human-centric AI enhances decision-making and customer service bots provide personalized experiences. Focus on sustainable, inclusive, and ethical insurance solutions
Future Vision: Technology serves to augment human abilities, creating a more human-focused insurance landscape.
1. Insurance Companies
Invest in Scalable Technology: Focus on adopting technologies that are not only cutting-edge but also scalable. Includes cloud computing, AI, and API-first infrastructures, which can grow with the company and adapt to future needs.
2. Brokers
Adopt Digital Platforms: Brokers should embrace digital platforms that streamline client interactions, such as CRM systems that track customer data and preferences, and AI tools that analyze this data to offer personalized recommendations.
Want the full scoop?
we’ve got you covered!
Download this report and dive into all the details
