Hot tech trends: Life insurance on the rise

January 8, 2024
1 min read

TLDR:

  • Life insurance industry is slow to adopt technologies like wearables, APIs, and blockchain, but these technologies will play a significant role in the industry’s future.
  • Changing workforce and the need to upskill and train younger generations will be a challenge for life insurers.
  • The life insurance sector is expected to see more funding volume, especially in the permanent life space, and advancements in Gen AI and other technologies.
  • Utilizing LLMs and leveraging AI for efficiencies will be a shift in the industry.
  • Sale of life insurance through online avenues and social media sites will continue to gain prominence.
  • Improving the buying experience from a digital and underwriting perspective is a key challenge for life insurance companies.
  • Collaboration between insurtechs and legacy insurers will increase, with opportunities for integrating data, analytics, and emerging technologies.

Life insurance professionals share their expectations for life insurance technology in the coming years. Mutual of Omaha predicts that wearables, APIs, and blockchain will be adopted by carriers to collect data and enhance customer service. Equisoft emphasizes the need to address the changing workforce and the challenge of delivering value to policyholders while upskilling younger generations. American Family Ventures expects more funding volume in the life insurance sector, advancements in permanent life space, and innovation enabled by Gen AI and other technology shifts. American Family Insurance anticipates the utilization of LLMs and AI for efficiencies. CNO Financial Group sees a continuation of online sales of life insurance and the growing prominence of social media for information. John Hancock foresees increased collaboration between insurtechs and legacy insurers, with more integration of data, analytics, and emerging technologies into their Vitality platform.

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