Changing Face of the Insurance Industry

Emerging trends and technology in the insurance space

Emerging trends in the Insurance industry are a combination of business and technology themes, most of which are likely to become mainstream in the near to long term. The industry is evolving at a fast pace in the wake of challenges and opportunities put forward by changing customer demands (Millennial generation), compliance requirements, proliferation of digital devices, enhanced connectivity, sophisticated fraud et al. Additionally, Insurtechs are disrupting the industry by redefining the offerings and distribution with their digital mode of operations.

Given their lower operational costs and faster speed to innovate, they bring new and relevant propositions to the customer faster. Rise of sharing economy, newer channels of distribution and self-service revolution will drive product innovations & enhance digital initiatives to maintain existing customer base and win new ones. Technologies like Internet of Things, Cognitive computing and Blockchain are poised to transform the entire insurance value chain and benefit both the customer and provider. Here is a snapshot of emerging trends in the Insurance space represented via a Trend Tree. The roots of the tree represent emerging business and technology trends while the nodes represent some of the key applications within each trend.

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