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TECH REPORT
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Why InsurTech Matters?
The insurance industry is inherently risk-averse. That is what they do: calculate risk with a focus on minimizing risk and adhering to long-established practices. However, the advent of digital technology has forced even the most resistant players to adapt. The first wave of digital transformation introduced key technologies such as online policy management, mobile applications, and basic data analytics. These innovations provided customers more convenience and transparency, redefining how insurance services were delivered.
(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: 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.
(2000-2020s)
Key Technologies: AI, IoT, big data, robotics
Insurance Impact: Rise of InsurTechs (e.g., Lemonade, ZhongAn), with AI and analytics 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.
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