The intersection of insurance and technology, continues to evolve rapidly, driven by digital transformation, changing consumer behaviours, and emerging technologies. Here are some trends we are finding:
- ?Data Analytics and AI: Companies are increasingly leveraging data analytics and artificial intelligence (AI) to assess risk, underwrite policies, detect fraud, and personalize offerings. Advanced analytics enable insurers to make more accurate predictions and streamline processes. We at Inteliment are working with host of insurance companies in Australia and India on data analytics solutions for risk, reinsurance and claims.
- PAYG Insurance, also known as Usage based insurance, is gaining traction. By using IoT (Internet of Things) devices such as telematics sensors in vehicles or wearables, insurers can monitor policyholders' behaviour in real-time and adjust premiums accordingly. Ability record usage of fleet traffic on private property e.g. Mines/large agricultural properties and get discount from RTA on Rego costs is something miners may explore in downturn. We at Inteliment are ideating solutions in this space. ?
- On-Demand Insurance: Insurtech companies are offering more flexible, on-demand insurance solutions that allow customers to purchase coverage for specific durations or events, such as travel insurance for a single trip or short-term rental insurance. Alerts to members when they engage in High-Risk activity such as off-road driving or bikes in Bali could be an add on feature to travel insurance. Inteliment has worked on lots of mobile and geo-location analytics for large enterprise customers. ??
- Customer Experience Enhancements: Insurtech are focused on improving the overall customer experience through streamlined digital interfaces, quicker claims processing, and personalized recommendations based on customer data and preferences. Inteliment has a AI based solutions from Survey to Analytics to take actionable steps to prevent churn all along the customer journey.
- Regulatory Technology (Regtech): Regulatory compliance is a significant challenge for insurers. Insurtech firms are developing solutions leveraging AI and automation to help insurers navigate complex regulatory requirements more efficiently and effectively. Inteliment has been working on wide ranging ASIC, APRA, FSC reporting for over 5 years.
- Climate and Environmental Risks: Insurers are increasingly focusing on assessing and mitigating climate-related risks. Insurtech companies are leveraging data analytics, satellite imagery, and other technologies to better understand and manage these risks. Inteliment are exploring how to plug issues around revenue loss by way of underinsurance
These trends indicate a shift towards more customer-centric, data-driven, and digitally-enabled insurance solutions, reshaping the industry landscape and driving innovation across various segments.
Reach out to us on how we can add value in today’s hypercompetitive marketplace.
