As we highlighted already in previous posts, we are walking towards a hyper-digitalized world in which environments of volatility, uncertainty, complexity and ambiguity (VUCA) lead the way. And unfortunately, those who do not get adapted to the changes, end up being forgotten.
For this reason, today we are sharing with you 7 trends in the insurance sector for the following years:
1. Technology leads the way
This might seem obvious. And so did it 5 years ago. And 10. At that moment, not many people could guess that by now Virtual Assistants were going to control our houses, or that almost everyone was going to have a Smartwatch. Every day, there are new technical gadgets that make our lives easier. And these changes are also going to affect insurance companies. For example, now there are insurance products for drones and there is also an increasing demand for cybersecurity products.
2. Digitalization as business model
If your business model is digitalized, it is going to be easier to predict the uncertainties. For example, 100% digitalized products easy to access from anywhere in the world.
3. Hyper personalization
As we also mentioned recently, and specifically after the pandemic, more and more clients are getting used to immediacy and to personalized products thanks to AI. This is going to be a trend applicable to the future products that insurance companies offer.
4. Covid 19: its implications
The pandemic showed us how to work and do anything from home. For this reason, insurance services should be adapted to a less personal contact. Also, remote working made us learn how to implement new technologies in our daily basis and it is going to be crucial to keep using it.
5. No-code technology
Nowadays, it is becoming easier to learn how to use certain applications, installing software by our own… Thanks to the known as No-code technology, the implementation of new digital solutions for the insurance sector is easier. In case you’ve never heard about this technology before, in xplenty it is defined as the “software development platforms that allow even non-technical employees to build and deploy their own applications without writing a single line of code”
This technology will help insurance companies to decentralize processes and the storage of the data of their clients, keeping them safe all the time.
7. Open Data and advanced analytics
Inside of the insurance sector, Open Data can be used in order to identify, count and prioritize main risks of the companies. In other words, as a tool to optimize insurance products.
What is your opinion towards these 7 trends in the insurance sector? In Wenalyze, we stay up-to-date and remember that with our platform, you’ll be able to apply inside of your insurance company some of the mentioned trends.