August 30, 2023

In life insurance, underwriting will increasingly be based on data gleaned from wearables and other connected devices. And in commercial lines, robotics and AI will automate many loss-prevention and claims-settlement tasks.

A few technology trends that are progressing rapidly will change the insurance industry significantly. For example, in auto insurance, the responsibility for accidents will move from the drivers to the AI and software that power self-driving cars.

In life insurance, underwriting will be increasingly based on data obtained from wearable devices and other technology that is connected to the internet.

Also, in commercial lines, robotics and AI will automate many tasks related to preventing losses and settling claims.

New technology will allow insurance companies to see risks more accurately by using satellites, drones, and real-time data sets.

The insurance industry will soon be able to process claims much more quickly and easily after natural catastrophes. They will be able to do this by providing “wrapped” products that automatically adjust coverage based on the customer’s changing needs.

The technologies for these scenarios already exist and they could become mainstream in the next decade.

We looked at how ten different trends could impact a company’s competitive advantage. Five of these trends – applied AI, distributed infrastructure, future of connectivity, next-level automation, and trust architecture – are particularly relevant to the insurance industry and are likely to have a major impact on it.

This also means that insurance companies could face more competition from new digital companies that have started in the past few years.

This article talks about how technology is changing insurance and the top trends in this digital transformation.

Trends in tech shaping the future of insurance

In recent years, a number of technological advancements and trends have emerged that are impacting nearly every industry. These changes are causing many products and services to be reshaped.

Applied AI

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