Two things are on our mind as Thanksgiving fast approaches: what are we grateful for and how are we almost done with 2021? As we wrap up the year we’re reflecting on the 3 advancements in insurance we’re thankful for:
- Innovation and Integration of Technology
- Investment in Insurance Technology
- Hybrid Communication and Consolation
Innovation and Integration of Technology
Technological innovation has become a central part of insurance in the past year. Predictive Analysis is a new technology becoming a bigger part of the industry. It works to determine the risk and probability of future events. It can work to identify customers considering cancellation, risk fraud, outlier claims, and other helpful information.
Artificial intelligence saw exponential growth in 2021. This technology is not new but its involvement with insurance is. It offers insurers the option to create their own experience that is best suited for their customers. It also allows insurers to leverage increased data from customers.
Machine learning, which improves accuracy of quoting through the compilation of different emerging technologies, is another technology integration we are grateful for. According to an SMA survey, 66% of P&C insurance executives think that machine learning has a high impact potential for commercial lines of business.
Investment in Insurance Technology
Insurance companies’ investment in insurance technology enables the industry to expand into new sectors of business. According to US News, global insurtech investments will top $10 billion in 2021.
Insurtech is changing the way insurers can accurately predict how data will be captured to further develop insurance products. It also allows for custom coverage and pricing solutions that are becoming an essential part of consumerism in the 21st century.
The ability to leverage insurance technology to reduce costs and increase efficiency for both customers and insurance companies is incredible. Insurtech encourages the reduction of costs and insurance’s investment in those practices to help all parties involved in insurance.
2020 required remote working environments to be established in industries where they hadn’t before. This is changing the way we work moving forward.
The majority of respondents in a Mercer survey indicated they plan on continuing work from home options and even expanded upon them. Employers and employees alike are appreciating the flexibility and understanding associated with hybrid work.
We have also seen an increase in virtual content. Most meetings are now conducted over virtual platforms along with some web-based industry events and virtual conferences. This hybrid model allows more people and companies to connect with one another.
The insurance industry has seen unexpected growth in the past few years due to the pandemic. 2021 saw an expansion of this growth and we are thankful for these positive changes impacting our industry.