RIMS just ended, here are 7 insurance industry predictions.

June 19, 2024
1 min read

TLDR:

Powered by digitization, the insurance industry is on the brink of a transformation that will benefit all stakeholders. Key predictions for the industry include new entrants transforming the market, AI putting people back at the center of insurance, a shift from insuring to predicting and preventing risks, increased connectivity in the market, and the closing of insurance coverage gaps. Challenges will be faced in change management, integrating new technology, and ensuring transparency and trust in the industry.

  • Insurance industry undergoing digital transformation benefiting all stakeholders.
  • Predictions include new industry entrants, AI shifting focus to human interaction, predictive approach to risk, increased connectivity, and innovation closing coverage gaps.

Key Predictions for the Insurance Industry

The insurance industry is undergoing a digital transformation that will benefit brokers, insurers, and insurance buyers alike. Key predictions for the future of the industry include:

  • New industry entrants will transform the market with fresh perspectives and digital-first strategies.
  • AI and automation will help put people back at the center of insurance, focusing on value-added services and client needs.
  • A shift from insuring and restoring to predicting and preventing risks through technology and data analysis.
  • Increased connectivity in the insurance market, enabling better client service and faster response times.
  • A faster pace of innovation will close insurance coverage gaps by identifying changing client needs.

Challenges in change management, integrating new technology, ensuring transparency and trust, and addressing regulatory issues will be key areas of focus as the industry evolves.

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