Innovation in Insurance 2024
Summary
This report discusses some of the key ways insurance companies are innovating across the insurance value chain, covering the leading themes and topics impacting the industry. Key themes mentioned in this report include artificial intelligence, the Internet of Things, cyber insurance, embedded insurance, parametric insurance, electric vehicles, blockchain, and the Metaverse.
In 2024, the insurance industry continues to witness a rapid technological transformation, with a growing emphasis on leveraging big data, artificial intelligence, data analytics, and other cutting-edge technologies as part of the digital evolution. These advancements are not only enhancing customer experiences but also enabling insurance providers to connect with younger and more diverse demographics globally. Failure to embrace these innovations, driven by industry frontrunners, may result in insurance companies lagging behind in the competitive landscape.
Scope
- AI remains the most common technology in insurtech deals, reflecting its central role in the industry’s transformation.
- Consumers and SMEs are increasingly comfortable with AI-driven solutions, driving its widespread adoption.
- Personal cyber insurance ranks as the most desirable emerging insurance product
- Embedded insurance is disrupting traditional insurance models, with motor insurance set to be the most impacted product.
- Gain insight into cutting-edge technologies like AI, blockchain, and parametric insurance that are transforming the insurance landscape.
- Explore case studies and examples of how leading companies are implementing innovative solutions to stay competitive and meet customer needs.
- Identify the major trends and themes driving change in the insurance sector.
- Executive summary
- Industry Overview
- Leading trends and themes in insurance
- Artificial Intelligence
- Consumers and SMEs are comfortable using AI for their insurance needs
- There are many applications of AI and generative AI
- AI can positively impact all areas of the insurance value chain
- Recent AI innovations
- Internet of Things
- IoT can help insurers create more personalized products
- Insurers need to understand consumers' motivators and concerns with sharing data
- Insurers should target younger demographics with telematics policies
- There is potential for increased adoption of IoT devices in life and pet insurance
- Recent IoT innovations
- Cyber Insurance
- Personal cyber insurance is the most desirable emerging product
- Insurers need to educate SMEs on the risks of cyberattacks
- Recent cyber innovations
- Blockchain and the Metaverse
- The Metaverse struggles with slow adoption rates
- Recent blockchain and Metaverse innovations
- Electric Vehicles
- Embedded Insurance
- Parametric Insurance
- Recent parametric insurance innovations
- Appendix
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