Trends in the insurance sector for 2022
Published on 2 de February de 2022
After the crisis caused by the pandemic, the insurance sector experienced a fast digitization compared with the years before. It happened because customers needed new solutions adapted to their digital necessities.
These changes will keep defining the future of insurance. Today, we look at five trends in the insurance sector for 2022 that will keep shaping innovative insurance products for the coming year.
1. Data Analytics
In 2022, we will see insurance businesses developing effective solutions at scale and leveraging them to reach their full potential. Also, there is more and more demand for practical solutions to manage insurance needs in real-time.
Thanks to Open Data analytics, it is possible to get immediate results that help insurers to get to know their clients better.
2. AI in Commercial Insurance
AI will play a significant role in the underwriting processes. With AI, it is possible to process all the data gathered from Open Data sources to analyze clients’ behavior.
Also, to detect frauds or scams and act in time. It also helps insurance to build trust relationships between clients.
3. APIs in the industry
Insurtech will simplify the product while also ensuring client involvement with platforms that ease the processes for both parties.
In 2022, this tendency will continue to accelerate, and the insurance industry will play a remarkable role in the broader digital ecosystem. Business leaders will focus on gaining value from technology, which will necessitate improved usage of APIs and the creation of open architecture alliances.
4. Sustainability
In 2022, there will be a massive drive to boost Sustainability. Companies that follow sustainable guidelines will influence the success of insurance. Investors are also under pressure to fund those companies that are substantially involved in ESG initiatives.
According to a new analysis by Insurtech Insights, business commitment to sustainability reached its highest level ever in 2020. It has increased by more than 19% from its 2019 lows, and data suggests that several investment funds with ESG criteria beat the market throughout the pandemic.
5. Working with other industries
In 2022, insurance will continue to play an essential role. Technology will get more complex, with AI playing a relevant role, and the insurance industry will be the driving force behind it. The mixture of insurance and technology will also become relevant to analyze different aspects such as pollution levels for applying it to insurance.
2022 is going to be marked by the synergies between the sector and new technologies making the most of insurance and developing towards a more digital world.
These are only 5 trends we estimate will stand out during the year 2022. Do you know any more? Tell us about your opinion on our social media channels.
