Following the turbulent fallout of the Covid-19 pandemic, 2022 is set to be a defining moment in the InurTech landscape.
In this video, FinTech Global touch base with insurance experts from Quantexa to recap on the events and themes that took the Insurance industry by storm in 2021 – and what the industry can expect to see more of in the year ahead.
Key insights you’ll unlock in this video:
- Risk doesn’t just relate to the insurable risk. It extends to enhanced customer due-diligence, understanding behaviors and engagement, as well as ESG (Environmental, Social Governance) and other external factors.
- The focus on customer-centricity is gaining momentum, and so must the ability to unlock a holistic view of customers.
- The constantly evolving insurance fraud and threat landscape means insurers must stay ahead of the curve in order to keep up.
- Data complexity is advancing – and so should the models used to manage that data.
- Enterprise purchasing of innovative technologies is a top priority for insurers today.
Key trends for 2022:
- In the wake of Covid-19, a sustainable recovery will follow and a stance on ESG is at the top of the change agenda. Insurers must implement and maintain ESG standards and protocol, while ensuring their book of business reflect these practices, too.
- In 2022, insurers will focus more technology investments on areas that drive product diversification, better customer insight and higher quality customer engagement. Omni-channel engagement will fuel this, and solutions that can enable insurers to provide customers with a “personal touch” will prevail.
- Data aggregation and collection will be paramount in order to have a competitive edge. Wearable technologies will improve workplace safety and workers’ compensation loss ratios.
- Data breaches and data thefts have resulted in vast amounts of personal information being leaked, and this is only going to rise in the new year. Knowing the identity of the individual will be crucial, especially for fraud typologies.
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