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Key Digital Insurance Trends of 2020

By Insurance CIO Outlook | Friday, October 09, 2020

Insurers are now utilizing data to identify new and unique insights that can help them to discover interesting and accurate predictions of risk. This will allow insurers to provide policyholders with more personalized and seamless experiences.

FREMONT, CA: The insurance industry has stepped into a transformational phase. Advances in IT and big data have enabled customers and providers to expand the boundaries of the industry. In 2020, insurers are seen to shift their focus to harnessing the power of the technology. A proliferation of technology, such as AI, ML, IoT, and blockchain, has given a new dimension to this industry.

Let us look at the top digital insurance trends:

Top 10 Insurtech Consulting/Service Companies in Europe - 2019Customer Engagement with Data

Insurers are now utilizing data to identify new and unique insights that can help them to discover interesting and accurate predictions of risk. This will allow insurers to provide policyholders with more personalized and seamless experiences.

Automation

Insurers can optimize the entire value chain by using AI-backed insights and automation can help them streamline various processes, including those that emphasize on customer service. This simplification would allow for a more productive and pleasant experience for customers — a great advantage for companies.

Utilizing Emerging Technologies

Insurance providers are turning to digital technologies such as blockchain, Iot, and AI to overcome challenges they face. The future would be determined by how these enterprises can combine these technologies to improve their efficiency. The collaboration of emerging technologies and IT would empower insurers to provide customers with a unique experience while efficiently assessing and managing risk.

In addition, the growing wealth of data that would be available to insurers would enable them to better derive insights to bring new products to market more seamlessly and efficiently to expand their capabilities further. Insurers would be enabled to gain insights from new environments, develop new strategic business models as well as move into new markets by leveraging emerging technologies fueled by improved data and analytics.

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