Start-ups ‘set to lead growth’
Six out of 10 industry leaders predict insurtech start-ups will lead growth.
And nearly half of the insurance industry leaders surveyed told the WaterStreet Company that AI, machine learning and blockchain technology will be game-changers for the industry.
WaterStreet says the insurance industry is witnessing a transformation fuelled by Big Data, insurtech innovations, and the increasing use of artificial intelligence and machine learning.
“These advancements aim to serve policyholders better, refine coverages, and optimise financial performance,” it said.
It says central to this revolution is Business Intelligence with insurance companies handling huge volumes of data spanning claims, underwriting, billing and sales and looking to move beyond spreadsheets to employ business intelligence to help organise data, advanced analytics and decision making.
Four out of five survey respondents said digital payment solutions will be crucial over the next five years while 41% believed in the profitability of effective risk mitigation.
Mobile app compatibility was valued by 63% of respondents, saying real time policy access and intuitive user interface design for system upgrades was valued.
Robust customer support in technology transition phases was prioritised by 45% of those surveyed.
While historically insurers have created comprehensive in-house Policy Administration Systems the survey found that, of the respondents, 43% have internal systems while 40% have external management.
External date integration provides for a comprehensive risk assessment which may include geographic data insights beyond postcode risk assessments.