2024: Carriers’ focus on technology and innovation, what’s next?

March 4, 2024
1 min read

Article Summary


  • Insurance carriers are focusing on technology and innovation to manage and mitigate risks for themselves and policyholders.
  • Key focus areas for carriers include inflation, recession, regulatory uncertainty, and cybersecurity.

Key Elements of the Article:

Insurance carriers are heavily investing in technology and innovation to address risks both internally and for their policyholders. A survey revealed that macroeconomic factors such as inflation and recession are top threats to business growth in 2024. Despite this, carriers plan to increase tech spending in areas that directly interface with customers, such as customer service, sales, and claims. Cloud technology, digital infrastructure, and artificial intelligence are top priorities for digital transformation.

While carriers see the benefits of adopting AI in automating processes like underwriting and claims, there are concerns about the risks associated with the latest versions of generative AI. Many carriers believe AI is too risky to utilize at this point, both for their organizations and their customers. However, there is optimism that AI can improve the identification of fraudulent claims.

Overall, the focus on technology and innovation among insurance carriers is driven by the need to streamline processes, improve efficiency, and provide better customer experiences. Despite the challenges and risks involved, carriers are committed to leveraging technology to stay competitive in the insurance industry.

Latest from Blog

Your Daily InsurTech Briefing – 2024-07-14

Let’s see what’s in the news today. Sapiens Launches New AI Powered Insurance Platform Stay ahead in the insurance industry with Sapiens Insurance Platform. Leverage digital engagement, ML, and GenAI capabilities for

Qover debuts new auto insurance in Ireland!

“`html TLDR: Qover, backed by Zurich, introduces motor insurance offering in Ireland. With the launch in Ireland, Qover is now live in ten countries in 36 months. Qover, an insurance technology company

Sapiens unveils cutting-edge AI insurance platform.

Summary of Sapiens Launches New AI Powered Insurance Platform TLDR: Sapiens Launches New AI Powered Insurance Platform Key Points: Sapiens International Corporation has launched an AI-powered, open, integrated, cloud-native platform for the

Your Daily InsurTech Briefing – 2024-07-13

Let’s see what’s in the news today. Everest bolsters leadership team to expand European footprint Everest, a global leader in insurance and reinsurance, has announced the appointments of two key leaders in

Get extra value with Plug and Play Insurance Solutions now!

TLDR: Key Points: The insurance industry is undergoing a major transformation driven by agile, technology-focused companies. Plug-and-play approach to innovation is reshaping the industry by integrating advanced technologies seamlessly into operations. This