What are the most promising insurtech trends?

Let's see the uses of GenAI across the insurance value chain starting prospect eligibility/preferences to better pricing, faster claim settlement, improved claim ratio & solvency margin and customer experience. An example in motor insurance - damaged vehicle pictures generating the accident analysis and helping claim adjudicator with quick analysis and inputs. In health insurance we have seen huge potential of analysis from various reports such as x-ray or scans and not only diagnosing current issues but also predicting possible disease occurrence in future. Numerous possibilities but challenges fall in training the data model/data set. Are insurers ready to invest into a data training model before we write down front end use cases ?

Another use case of AI along with RPA often called in Intelligent Process Automation (IPA) is to leverage technology to read the documents (both printed and handed written) and extract them to feedback in the system (for example reading through the claims forms or doctors certificate) has helped Insurers to reduce huge efforts and shoot down task that were like days to weeks of affair in a few mins.

As CEO At BlockRisk we have learn and are building our case study, focusing on integrating blockchain for transformative insurance solutions. Key innovations include: Blockchain for Transparency: Ensuring secure, transparent transaction records, significantly reducing fraud. Smart Contracts: Automating claims processing, enhancing efficiency, and reducing costs. These advancements lead to faster claim settlements, increased customer trust, and operational cost savings. Our approach sets new industry standards in efficiency and transparency, showcasing blockchain's potential in revolutionizing insurance, to achieve our mission, it's also essential to incorporate the mutual business model.

Decentralised records + permissioned access + tokenization (using smart contracts) for any kind of data and financial transactions makes this technology very meaningful for insurtechs when insurance operating structure is complex. Use cases on peer to peer insurance, fraud detection, re-insurance transactions are very suitable for bringing operational efficiencies like capital allocation and risk assessment.

I'm curious if the community can contribute to the real case scenarios of using blockchain in the insurance industry. There is quiet after the initial hype of the blockchain, and some of the trial products have been shut down. For example, AXA withdrew from the flight delay insurance in the blockchain. In my opinion, the top reasons for low (or none) adaption of blockchain are: - the network is really slow - signing transaction is costly - very few people understand how to browse this big public ledger, so the main claim of publicity is not so strong Please prove me wrong.

Telematics is also leading it way into commercial insurance market. There are many Insurtech players working on areas like a. Smart Vest, Smart Belt, Smart Helmet to help worker avoid situation that may lead to injury or alert the control system in case of any injury to minimize the damage is catching up in Workers Comp area. b. Similar usage of Sensor to track the footfall of customers, workers etc. in a Business premises, if this would lead to any blockage of entry/exit routes, fire code violations. This would help insurer to better underwrite the risk pertaining to Business Operation or Commercial property Insurance.

Peer-to-peer and social insurance stand as crucial elements within the latest insurtech trends, redefining the healthcare landscape. By leveraging collective contributions and shared responsibilities, these models foster a sense of community, driving healthier behaviors and proactive wellness approaches. This shift not only enhances access to care but also cultivates a more inclusive and sustainable healthcare ecosystem, ultimately aiming to reduce financial burden and improve overall health outcomes. Embracing these innovative insurance paradigms translates into a more resilient and interconnected healthcare framework, optimizing costs while prioritizing patient-centric care.

As mentioned in the blockchain technology article, this is a fantastic suitability to leverage peer to peer insurance market using blockchain technology.

Often observed when a big tech or companies with a large user base collaborate with insurers to offer a bundle or add-on during or at check-out of the customer journey. Digital wallets, e-commerce and travel platforms, and telecommunication operators offer an insurance add-on at check out.

Innovation in insurance has the potential to reshape the industry and improve access to financial security. Emerging trends include technology-driven solutions, pooled risk models, and mutual protection initiatives. While challenges exist, addressing them and embracing new opportunities will lead to a more inclusive, efficient, and accessible insurance system in the future.

2023 saw varied trends in Insuretech demands... Some of the trending ones on the P & C Insurance and continue to expand - Sustainability - Climate Change (Risk Mitigation and Adaptive Behaviors) - Digital engagement with customers

Right from the evolution of Internet all the trend that support the ideology of stock centric business to customer centric business, sales to service centric shift, concepts that painted the respective insurer beyond payor focus business to consider them as partner & preventor kept ecosystem alive! A few more trends in these lines are a. Connected Marketing where a prospect initiate transaction in one channel and ends up purchasing policy in other. b. Touchless Claims with help with automation, iOT, Drone, AI etc. c. eKYC/eOnboarding especially in APAC market d. Hybrid Insurance Product support trend like episodic Insurance or Gig Economy. e. Precision Medicine, Long term care supporting the growing aging population.