PriyaPatel
TLDR:
Key Points:
- Legacy tech is being phased out in the insurance industry with a focus on upgrading technology systems.
- Customer centricity and personalized services are a top priority for insurance organizations.
The insurance industry is undergoing rapid transformation, and as we embark on a new year, it’s essential to anticipate the key trends and developments shaping its future. InsurTech firm Novidea delves into its top ten predictions for the insurance sector in 2024.
1. Legacy tech to be phased out: Outdated technology infrastructure has long plagued the insurance industry. Organizations are poised to embrace digital transformation in 2024 with a focus on upgrading technology systems.
2. Customer centricity reaches new heights: Insurance organizations are prioritizing customer-centricity, with a strong emphasis on providing personalized services and enhancing user experiences. Delivering value to customers is a top priority for selecting new technology solutions.
3. Revolutionizing claims handling: The need for faster and smarter claims processing is paramount in 2024. Leveraging technologies such as AI and machine learning will be crucial in delivering superior claims experiences and retaining customers.
4. Innovation fuels product development: The insurance landscape continues to evolve with the introduction of new and niche products, driving revenue growth and competition.
5. Talent acquisition takes center stage: The industry is bracing for a wave of retirements, and attracting fresh talent is imperative for sustainability. Insurance organizations must embrace technological modernization to attract top-tier talent.
6. Rising Frequency of Catastrophic Events: Climate change-induced disasters are increasing, emphasizing the importance of insurance coverage in 2024.
7. Data’s Growing Role in Risk Assessment: InsurTech companies are partnering with insurance organizations to leverage technology for better risk assessment processes.
8. Post-merger integration challenges: Newly merged organizations will focus on aligning cultures and technologies in 2024.
9. Rise of vertical SaaS: Customized software solutions tailored to meet the unique requirements of insurance businesses are expected to emerge in 2024.
10. Generative AI takes center stage: Software applications leveraging AI will play a significant role in tasks like underwriting and claims handling for insurance organizations in 2024.
