The insurtech landscape is constantly developing at an unexpected rate, driven by the advancements of technologies, transforming customer expectations and facilitating an innovative industry to thrive. In 2024, more technology trends are poised to emerge in insurance, with new and innovative capabilities, promising to bring a revolution to the industry.
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AI and ML to harness cognitive data
Artificial Intelligence (AI) and Machine Learning (ML) excel in analyzing and processing a broad scope of data from multiple sources, including customer information, historical claims data, and risk underwriting for insurers to make data-driven business decisions. Significantly, through analyzing massive data, insurers can gain deeper insights into market trends, customer behaviors, and preferences, allowing insurers to offer more personalized services, and enhancing customer engagement and retention.
For example, predictive modeling takes advantage of a Machine Learning algorithm to handle past and real-time data, which facilitates insurers to assess risks and maintain comprehensive overviews of their business, leading to more precise policies.
In addition, automation and AI-driven chatbots can optimize the claims process, reducing unnecessary time and handling costs. At the same time, Machine Learning can assist in identifying patterns, assessing claims, and reducing the risk of fraud.
Intelligent Automation for comprehensive end-to-end processes
Automation in the insurance industry has been widely adopted to optimize several back and front-office processes. In 2024, we expect more adoption of Intelligent Automation in insurance with more operational efficiency and seamless customer experiences. It will be a game-changer for organizations operating in the insurance to unlock disruptive business models, opening new opportunities for end-to-end processes.
Intelligent Automation that combines the advancements in RPA, and AI/ML have several successful use cases, including processing claims, determining useful metrics to identify customer needs for personalized products and services, detecting fraud by identifying patterns and anomalies, etc.
Overall, all the advanced Intelligent Automation technologies work together perfectly, facilitating insurers to reduce operational costs, streamline business processes, improve security, boost speed, leverage customer experience, and accelerate time-to-market for innovative products/services.
Embedded Insurance to enhance innovation
With the emergence of technologies, insurance organizations can now allow any third-party provider/developer to integrate their offerings into the customers’ purchase journeys seamlessly through application programming interfaces (APIs). This enables insurers to provide customers with a simple, high-value experience, building brand preference and customer loyalty.
In 2024, embedded insurance will expand as technology providers amplify integration capabilities and partnerships with insurers. Tesla was the first company to launch embedded car insurance. With this solution, Tesla can have instant access to real-time data from all its drivers’ behavior and performance, allowing the company to set monthly premiums accordingly.
This trend leverages the customer experience and widens the reach to potential customers, expanding the market.
Blockchain enables a secure system
Blockchain technology in insurance will transform how insurers operate, enabling a secure and transparent system. It offers a myriad of benefits, from increased efficiency, transparency, cost savings, and greater fraud mitigation.
With Blockchain technology, its immutable feature of being tamper-proof will provide transparency to all transactions and information in real-time. Besides, all data on a blockchain will be privately encrypted and can only be available to the participants of the blockchain network, which means it is protected from unauthorized access.
Insurance companies can take advantage of Blockchain to create smart contracts and track insurance claims, safeguard confidential information, etc. The technology solution can also be used to develop innovative products for the market. In 2024, Blockchain promises to find its applications in several insurance verticals.
Predictive Analytics and Big Data to transform data into future insights
The adoption of Predictive Analytics and Big Data is growing in the insurance industry. Insurers have started implementing these advanced technologies to forecast future outcomes and trends by collecting, analyzing, and visualizing large amounts of complex data, and discovering the patterns.
Predictive Analytics and Big Data empower insurance firms to optimize data-driven decision-making, identify and target potential markets, and detect fraudulent patterns for faster investigations and reduced losses.
From predicting trends for optimized products/services to proactively preventing risks to reduce financial losses, Predictive Analytics and Big Data continue to be key trends that shape the future of the insurance industry in 2024.
Wrapped Up
As 2024 has landed, the insurance industry is on the brink of transformation with technology trends on the rise. The widespread adoption of these advancements has the potential to change how insurance is developed and experienced.
In Vietnam, akaBot (FPT) is a pioneer in providing automation solutions, facilitating insurers to build a comprehensive roadmap for applying key tech trends and redefining their organization.
- Keep up with new trends: akaBot (FPT) has constantly upgraded its products and always closely followed the latest technology trends, including AI, Intelligent Document Processing (IDP), Intelligent Optical Character Recognition (OCR), and Machine Learning with its core technology of RPA.
- Provide 24/7 efficient support, recognized by customers and the world’s leading IT solution evaluation organizations (Everest Group, G2, Gartner).
- Offer quick return on investment (after only 7 months, according to the G2 report)
- Ensure fast implementation: PoC (Proof of Concept) within 1 week for the first process automation.
With tremendous efforts in responding to the rapidly evolving technologies, akaBot promises to provide customers with a comprehensive and effective solution, helping businesses to achieve growth and success in 2024’s dynamic business landscape.
To learn more about how to accelerate your insurance organization with emerging technology waves, contact us right away.
References
The 4 Biggest Insurance Technology Trends for 2024
Insurance Industry Trends: Predictions for 2024
Trends to watch in 2024: Insurtech
Top TechTrends Transforming the Insurance Industry in 2024
akaBot (FPT) is the operation optimization solution for enterprises based on RPA (Robotic Process Automation) platform combined with Process Mining, OCR, Intelligent Document Processing, Machine Learning, Conversational AI, etc. Serving clients in 20+ countries, across 08 domains such as Banking & Finances, Retails, IT Services, Manufacturing, and Logistics…, akaBot is featured by Gartner Peer Insights, G2, and ranked as Top 6 Global RPA Platform by Software Reviews. akaBot also won the prestigious Stevie Award, The Asian Banker Award 2021, etc.
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