2017 Insurtech Trends

Note from the CEO: Welcome to the new year (2017 sleepy heads) and all the predictions, forethoughts and just plain guesses it brings with it. Since insurtech just doesn’t get the attention it really deserves, FintekNews thought we would pick up 10 trends in this sector for this new year.

Insurtech, or digital insurance, is not the sexy razzle dazzle media darling like bitcoin, BUT it is a very dynamic and growing use of technology that will affect almost everybody who has insurance of some kind (all of us). Here are 10 trends that will give us all a peek at what is going on in that sector. If you have investment holdings in the insurance sector it is a must read.

“December/January is usually the time to predict key trends for the year to come, and so it goes with the insurtech sector as well. Most lists focus on the latest sexy technologies and applications, but after a year, we find these have hardly gained any traction, so cannot really be considered “trends”. To call something a key trend, new and innovative isn’t enough. It requires adoption at scale. We therefore decided to take a different approach, resulting in quite a different kind of list……

“Trend one
Massive cost savers in claims, operations and customer acquisition…..

 

Trend two
A new face on digital transformation: engagement innovation……

 

Trend three
Next-level data analytics capabilities and AI – to really unlock the potential of the Internet of Things (IoT)……

 

Trend four
Addressing privacy concerns……

 

Trend five
Contextual pull platforms……

 

Trend six
The marketplace model will find its way to insurance……

 

Trend seven
Open architecture……

 

Trend eight
Blockchain will come out of the experimentation stage……

 

Trend nine
Use of algorithms for front-liner empowerment……

 

Trend ten
Symbiotic relationship with insurtechs……”

Read Full Article at BankNxt