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 personalization, 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 modernization 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 organizations, 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 realize 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 are massive opportunities for insurers to explore the boundaries of personalized insurance and cater for needs that are not met by standard core products.”
Tim Hardcastle, CEO & Co-Founder, INSTANDA
“You cannot force customers into a channel that they do not want to participate in. Embedded insurance enables insurers to meet the customer where they are, with products that are episodic in nature.”
Geoff Keast, VP of Sales (North America), INSTANDA
“Embedded insurance really shines a light on and places downward pressure on carriers having to nail their distribution strategy. 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), Deloitte Canada
“If you can introduce market leading technology to create a seamless customer journey, and you can do that all the way from the submission intake piece, through to claims, your customers are going to remain loyal and buy more from you.”
Tony Lawrence, Chief Development Officer, Aventum Group
“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
“To really pair exposure and risk solutions appropriately, we need to think how we’re serving our questions and assessing and evaluating risk in a way that feels less ‘reciped’.”
JoAnne Artesani, CEO, Sproutr
“Many insurers need to adopt new digital operating models that rely on a robust data infrastructure built on smart ingestion, storage, processing, and classification. This will enable them to visualize and act on data more efficiently.”
Patrice Amann, Regional Industry Leader, EMEA Insurance & Banking, Microsoft
“There is better technology available to enable insurers to wrap solutions around their legacy systems. Incrementally, the more wrapping that occurs, insurers can thin their legacy platform to the point where it simply becomes a ‘bookkeeper.’”
Brad Middleton, Director of Pricing and Rating at Deloitte Canada
“The empowered consumer is having a big impact. More and more people are wanting to take control of their health. There’s a big opportunity for insurers across the world to help achieve the best outcomes for patients.”
Chris Watney, Chief Executive of the International Federation of Health Plans (iFHP)
“I foresee a future where health insurers and health providers move from purely treating sick people to proactively prescribing wellness.”
David Gritz, Co-Founder and Managing Director, InsurTech NY
