Top Insurance Industry Trends for 2020

Top Insurance Industry Trends for 2020

Posted on May 30, 2019

As the market for the Insurance Industry grows, a vigorous revitalization of the system is essential, so as to be able to cater to the evolved needs of the clients. The emergence of new businesses offering non-traditional services in the field is forcing the prevalent big players to rethink their strategies and adopt other novel technologies to keep their heads above the water; the appearance of revolutionary technology itself, such as blockchain, is another game-changing factor for the Industry. Expectations are at an all-time high, with an overhauled market structure; the revamped consumer base expects nothing less than the online Four Seasons experience that they are used to from Amazon & other online giants.

Here are a few trends that are expected to take over the Insurance Industry in the next few years:

  • Insurance trends in the automobile industry have certainly seen one of the bigger changes with the advent of Ridesharing (Uber, Lyft) as well as Self-driving cars.
    1. Ridesharing is not exactly covered in personal or commercial insurance policies, opening up previously uncharted territory and an opportunity for the creation of novel policies that bridge the gaps between already existing ones.
    2. Self-driving cars naturally pose a risk in their initial days of development & standardizing insurance policies for autonomous systems like these, where a human being is completely absent, will be a long & tricky process.
  • Machine learning & automation has always been a part of the industry but only for low-level processes such as data handling or compliance checks. But the level of technology we have access to in this day & age is making insurers rethink their strategies, as they employ these intelligent systems in operations like property assessment as well as personalized customer interactions. Use of drones for claim assessments is likely not too far behind as well.
  • A large amount of sensitive personal information is stored with insurers and offering some facet of Cyber-security in the policies themselves (or at least as an extension) as well as protecting their own databases, is being made a priority, to be able to protect their clients’ interests.
  • Use of technology like Blockchain is gaining popularity within the industry as it can be utilized for simplifying & increasing the efficiency of a wide range of operations such as the scope of coverage & authenticity of the claim along with actual processing of the claims.
  • Personalization has become akin to birthright amongst consumer bases in any Industry. Even in the Insurance Industry, customers expect at least some form of personalization to be it lower premiums, policy recommendations, or quicker settlements. To achieve high customer satisfaction via this emerging aspect of the industry, precise & actionable data & psychological analysis is key.

All major markets & industries are constantly undergoing drastic changes & evolution in today’s violently competitive world. To evolve is to adapt and to adapt is to survive. Businesses that choose to accept & conform to these trends have a higher chance of performing better than their competitors, with all these inclusions undoubtedly leading to increased customer satisfaction as well as retention.

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If you are looking for a reliable and cost-effective insurance BPO service provider, then feel free to get in touch with us today!

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