Re-imagining the Digital Insurance Landscape: 10 Years from Now

40 insurance technology experts share their views

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Overview

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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Overview

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Discover how insurers are already laying the foundations for a far more connected, embedded and preventative landscape.

Contents

The report explores how the intersection between insurance and technology has created a monumental opportunity for insurers to transform the industry and outcomes for customers. However, many struggle to keep pace as the technology that brought them to this point is unable to serve them for tomorrow. Speaking from experience, contributors discuss how progressive insurers are leaning into technology and change to rewrite the narrative.

Independent research highlights that insurance customers are seeking a more transparent, personalised and frictionless experience. Taking a deep dive into customer centricity, the report examines the urgency for change. Contributors share how insurers are leveraging data for insight to create ‘retail like’ feedback loops and processes to better serve the customer, price risk and manage claims.

Exploring how AI is already being used across the insurance value chain, experts share their predictions for how the next wave of AI applications will herald a new dawn of integrated, contextual, personalised real-time insurance products. Of course, as the report contributors discuss, success is determined by having a strong data estate.

The report examines why being able to execute processes or part of processes in an ecosystem is rising in importance. The case for action is hugely compelling as experts consider changing ecosystem dynamics, the rise of the middle layer solution, and the importance of building futureproof ecosystems.

Compared to five years ago, there’s a huge number of MGAs and insurtechs working collaboratively on exceptionally smart solutions. Experts share their observations on the tech-enabled MGAs that are leveraging advanced digital tools and platforms to streamline processes, enhance customer experiences, and improve operational efficiency.

Report contributors predict a digital insurance landscape focused on embedded, personalised real-time price contextual products that are preventative in nature. To quote one of the report contributor’s, Microsoft’s Patrice Amann, “If we have the right understanding, and do the right things early enough, things become better, smarter and cheaper. And with better quality, there’s a greater experience for everybody.”

Contributors

Patrice Amann

Patrice Amann
Regional Industry Leader – EMEA Insurance & Banking
Microsoft

Max Ang

Max Ang
Senior Analyst
Celent

Karun Arathil

Karun Arathil
Senior Analyst - Insurance
Celent

JoAnne Artesani

JoAnne Artesani
CEO
Sproutr

Mark Benger

Mark Benger
Managing Director
Farmsure Underwriters Ltd

Michelle Bothe

Michelle Bothe
CEO & Investor
Finsure

Carl Christensen

Carl Christensen
Head of L&H Solutions
Swiss Re

David Clamp

David Clamp
Founder & Chair
The Camelot Network

Daniel Cole

Daniel Cole
Senior Managing Director
Publicis Sapient

Melissa Collett

Melissa Collett
CEO
Insurtech UK

Ashish Desai

Ashish Desai
Director, Consulting
Deloitte Africa

Kevin Gaut

Kevin Gaut
CTO
INSTANDA

Industry Insights

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