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Insurance trends for 2024
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Insurance trends for 2024
NASDAQ CM: GDYN
$16.81
Nov 20, 2024 4:00 PM EST
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quote As global risks, ranging from climate change to cybercrime, escalate, insurers must step up as society’s financial safety net, transitioning from reactive to proactive strategies. Embracing a robust customer-centric ethos and democratizing data and AI to fuel digitalization and hyper-personalization, the time to accelerate innovation in insurance is now. Leo Shulman VP, Insurance Practice Lead
Grid Dynamics

Explore the top 5 technology trends in insurance to strengthen your technological foundations through data integration, artificial intelligence, and API-enabled insurance products. Download this e-book to uncover the impact of each trend on the insurance value chain and discover actionable steps to leverage them for business growth.

Abstract yellow shape to illustrate economic shifts

Ensure transparency amidst economic shifts

As global economies shift and climate uncertainties loom, insurers face rising premiums and tighter underwriting, straining relationships with policyholders. In response, customers demand transparency and continuous service. Insurers are adapting, prioritizing a customer-centric approach, and harnessing advanced technology to democratize customer data and enhance self-service options. This transformation necessitates a cultural shift and employee upskilling to promote seamless interactions.

AI style light green alien looking left

Since the wake-up call of the pandemic, the insurance industry has significantly advanced in adopting cutting-edge technologies. In 2022, digitalization and personalization took center stage, laying the groundwork for hyper-personalization and data-driven ecosystems in 2023. As we enter 2024, insurers are urged to propel transformative changes by integrating IoT and AI-powered workflows, leveraging rich data sets to establish a resilient digital-first insurance lifecycle that transforms economic uncertainties into opportunities.

Spare parts to illustrate IoT and telematics integration

1. IoT and telematics adoption: Transforming risk assessment and customer engagement

Accelerate your insurance business’s growth with IoT and telematics integration, unlocking real-time data insights for precise risk assessment, personalized plans, and enhanced customer satisfaction.

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2. Rich data sets: Supporting AI-powered insurance workflows

Maximize your insurance business’s potential by automating processes with AI-powered workflows fueled by rich data sets, enabling proactive risk assessment, tighter underwriting, and efficient claim management to realize tangible ROI.

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3. Embedded insurance: Revolutionizing coverage in everyday life

Seamlessly integrate embedded insurance into everyday products and services through API enablement, cloud migration, blockchain, and smart contracts, driving higher conversion rates and revolutionizing insurance transactions.

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An individual’s profile to illustrate customer satisfaction in insurance

4. Self-service for policyholders: Personalized digital experiences and insurance chatbots

Elevate customer satisfaction with seamless omnichannel engagement via personalized digital self-service platforms and AI-driven chatbots, complemented by diverse payment gateways, providing enhanced autonomy and convenience.

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Experts of insurance company implementing digital-first insurance lifecycle

5. Digital-first insurance lifecycle: InsurTech influence from customer acquisition to claim processing

Revolutionize your insurance operations from customer acquisition to claims processing with a comprehensive digital-first approach, integrating advanced technologies into a composable business model to thrive in a competitive and dynamic market.

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Contributing author
Leo Shulman
Leo Shulman
VP, INSURANCE PRACTICE LEAD

Leo is an experienced Information Technology Services Executive with 25+ years of excellent performance, successfully leading sales, client relationship management, and technology services for enterprise global customer engagements across North America. With foundational experience from Accenture and GE, including Six Sigma certification, he has a proven track record of leading joint ventures and strategic partnerships with the largest Baltic Telco, leading technology companies, and three of the top 5 US Cable operators.

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