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Insurance trends set for 2021
While 2020 hasn’t come without its challenges, by forcing businesses into developing a new relationship with technology, the pandemic has significantly helped to drive huge change in a range of industries, including insurance. We take a look at the predicted insurance trends for 2021.
AI you ready for an automated experience?
While AI and automation have been slowly creeping into processes implemented by insurance companies over the years, 2020 has propelled these into overdrive. The development of these will be used to personalise and simplify your customer experience, which could mean faster claim turnarounds and more accurate reporting. This could also be used to better identify emerging risk and improve underwriting processes.
Expect the personal touch
With the technology now available, insurance companies will now be able to better tailor products for their customers, ensuring that the product you are investing in fully meets your needs. This could see a rise in ‘on-demand’ cover in areas such as Car Insurance, where drivers can get protection as and when they need it from as little as one hour’s worth of cover.
Top of the blocks
Ever heard of blockchain? It has become increasingly popular recently due to being able to process large amounts of data securely and automatically in real-time. With the use of blockchain, insurers will be able to work more closely with competitors to help prevent criminal activity and fraud – avoiding potential losses across the industry.
Rise of the Insurtech
It’s predicted that in 2021, more insurance and technology companies will form partnerships in order to offer more technology-driven insurance solutions. This opens up the opportunity for customers to benefit from more streamline, innovative processes and for the companies to save money while driving innovation.
Taking analytics to the next level
Data comes from all around us, from our smartphone and wearables to Internet of Things (IOT) devices across the home and black box technology. What we do with this data can be invaluable, if we use it the right way. Over the next year, the insurance industry could increasingly look to use this data to calculate premiums with more accuracy, assess risk and reduce claim turnarounds.