Re-imagining the Digital Insurance Landscape: 10 Years from Now
40 insurance technology experts share their views
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Inside the report
Insurance experts from across the world reflect on:
- A once in a generation opportunity to transform the insurance industry.
- The need to meet consumers with greater product personalisation, choice and transparency.
- Why ‘Managing risk’ should not be the starting point for designing new products.
- The value in seeing the ‘opportunity’ before ‘the risk’ in leveraging AI and connected technologies.
- Why core modernisation is rising in importance as insurers quicken their transformation efforts.
- The emergence of a far more embedded and preventative digital insurance landscape.
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Overview
40 global insurance and technology experts share their predictions for the future.
INSTANDA’s 2024 Re-imagining the Digital Insurance Landscape report brings together consumer research and insights from those at the forefront of insurance innovation. Experts from Microsoft, EY, Deloitte, Celent, INSTANDA, the MGAA, Camelot, the iFHP, insurtech member organisations, and many more, offer their predictions for a vastly different future.
Despite headwinds, there are huge opportunities for insurers to leverage technology to better serve the customer, price risk and manage claims. But deeply engrained challenges remain. Progressive insurers, however, are redefining the landscape by turning these challenges into opportunities. They realise that now is the time to act, and that success is predicated on not just having good data at scale but using data in new and innovative ways.
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Ready for a thought-provoking read?
Discover how insurers are already laying the foundations for a far more connected, embedded and preventative landscape.
Contents
Contributors
Patrice Amann
Regional Industry Leader – EMEA Insurance & Banking
Microsoft
Max Ang
Senior Analyst
Celent
Karun Arathil
Senior Analyst - Insurance
Celent
JoAnne Artesani
CEO
Sproutr
Mark Benger
Managing Director
Farmsure Underwriters Ltd
Michelle Bothe
CEO & Investor
Finsure
Carl Christensen
Head of L&H Solutions
Swiss Re
David Clamp
Founder & Chair
The Camelot Network
Daniel Cole
Senior Managing Director
Publicis Sapient
Melissa Collett
CEO
Insurtech UK
Ashish Desai
Director, Consulting
Deloitte Africa
Kevin Gaut
CTO
INSTANDA
Industry Insights
“There’s a tendency for the industry to focus on the fizzy, frothy kind of niche products. But the bulk of insurance does an amazingly important job. It gives peace of mind to billions of people, and there’s so much more that can be done in this space to streamline processes and reduce inefficiencies.”
Tim Hardcastle, CEO & Co-Founder, INSTANDA
“Taking data and turning it into meaningful insights is an entirely different skillset to data mining. As an industry, we need to look outside the sector to acquire these necessary cognitive skills.”
Sara Shipley, CHRO, INSTANDA
“The winners will be those that operate around actionable insight. If an insurer improves their data and understanding of the customer, they can start personalising and creating value, which ultimately leads to loyalty.”
Chris Payne, EMEIA Financial Services Insurance Technology Leader & Partner, EY
“It’s no longer the case that Insurtech will disrupt the industry. It’s about working together to tackle real problems and finding the right agility to go for the good ideas and technologies.”
Patrice Amann, Regional Industry Leader, EMEA Insurance & Banking, Microsoft
“There needs to be a shift within the industry as a whole to accept that it is ok to meet business demands with non-core technology.”
Debbie Wilson, Senior Advisor (Insurance Core Technology) at Deloitte Canada
“We’re heading toward more niche offerings. The role of the ecosystem in this is: risk mitigation, pricing for risk exposure, data sharing feedback loops, customer engagement and loyalty.”
Michelle Bothe, CEO, Finsure
“The current stop-start way of buying insurance products still prevails but the next generation will want to buy embedded products in a mixture of different ways.”
Mike Keating, CEO, Managing General Agents’ Association (MGAA)
“Insurance has always been about something bad that has happened, but there’s a real opportunity to turn the whole dynamic on its head.”
Melissa Collett, CEO, Insurtech UK
“The evolution of technology is allowing us [the industry] to give more choice to consumers, which is a good thing as insurance should be available for everyone, and not just a select few.”
Rob Onoufriou, Head of Solutions Sales, L&H UK & Ireland, Swiss Re
“There will be two types of insurers who will emerge; those who only see the ‘scar tissue’ of AI, and those at the more progressive end of the industry who’ll fully embrace AI.”
Robin Merttens, Executive Chairman, InsTech
