COVID-19 has had an impact on every area of the economy, including insurance. The pandemic has exposed inefficiencies and generated new areas of friction for both carriers and customers, but it has also justified carriers' attempts to innovate and invest in a digital future. Insurtech is anticipated to continue to play an important role in bringing digital innovation to the insurance industry as a whole. However, many insurtech firms may face considerable hurdles in the near future.

The fact that these carriers have chosen to continue the course with their insurtech providers — and even speed things up — should be encouraging to insurtech enterprises. In my interactions with insurance executives, there was no desire to either cut ties with existing insurtech partners or switch to a larger, more established technology vendor. Insurance companies continue to consider their insurtech partnerships as a source of potential and profit.

Customers are well aware that using digital communications means their insurance collects their data, which could include anything from behavioral data to location or any other information they have provided. Customers want businesses to use this data to improve and personalize their customer experience in return. It is up to the insurance to leverage the wealth of data they have on each user to improve the customer experience from the time a potential client comes on their website.

In order to help companies understand more about how they must navigate in the future and to help them understand the changing trends and future needs of the Insurance Tech industry, Group Futurista presents to you, “Future of Insurance Tech”

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