What do you do if you want to stay ahead of emerging trends in insurtech?

3 tips to stay ahead of emerging trends in insurtech: 1. Analyze how new technologies could disrupt the insurance value chain. While we may not yet observe a full disruption, there are certainly many incremental changes. 2. Follow the latest investment rounds in insurtech funded by carriers and reinsurers to understand the key pain points in the market and the value of insurtechs. 3. Keep informed through reliable reports from sources like McKinsey, Capgemini, The Digital Insurer, Sonr, Latam Insurtech Journey ...

Embracing change is perhaps the fundamental requirement to staying ahead of emerging trends in InsurTech. It is the foundation that serves as a key enabler for wanting to learn, study, experiment and try new things. A core piece of InsurTech is having the desire to play around with technology, workflows and design wacky new products. Testing the boundaries of what is traditionally acceptable. Exploring new ways to package, sell and consume insurance. It all requires that key desire to want change, to initiate change. Embracing change isn't something that can be taught in a classroom or online, but it can be inspired by looking beyond the traditional walls of insurance.

Here are a few ways to stay ahead in #insuretech 1. Gamification: Introduce gamification elements into your products, which can increase engagement and provide valuable data on customer behavior. 2. Crowdsourcing: Leverage crowdsourcing platforms to gather ideas and solutions from a diverse group of people. This can lead to innovative approaches without too much risk. 3. Virtual Reality (VR): Explore the use of VR to simulate different insurance scenarios for customers. This can help by educating them in a novel environment 4. Behavioral Economics: Apply principles of behavioral economics to design insurance products that encourage better decision-making by customers, such as rewards for healthy living, good cyber hygiene, or safe driving.

Maintaining an open mind is pivotal to benefiting from these new trends, ideas, and technologies that emerge from the digital actors. Not every new trend is meant to be adopted, but learning from it could be of great value for the traditional channels.

Para capitalizar las oportunidades en insurtech, es esencial estar al día con las últimas tecnologías, como la inteligencia artificial y el blockchain, que están avanzando a un ritmo acelerado. Familiarizarse con estas herramientas puede mejorar significativamente el rendimiento y optimizar las operaciones. Además, fortalecer las colaboraciones en este entorno tecnológico es crucial para liderar el cambio en lugar de simplemente responder a él. Mantenerse informado y adaptarse rápidamente no solo te prepara para aprovechar nuevas oportunidades, sino que también establece tu posición como líder innovador en el sector de los seguros.

It’s very simple, educate yourself around tech trends no differently than you would around products. You won’t know every detail around all the new tech but at least you will have an idea of new concepts and solutions if and when you need a solution to a problem

Continuous learning is essential for staying ahead in any field, including insurtech. By staying updated on emerging trends through continuous learning, you can anticipate shifts in the industry, adapt your strategies, and leverage new technologies to innovate and improve your products and services. It allows you to remain agile and responsive to the changing needs of customers and the evolving landscape of the insurance industry.

Get out there and share your unique perspective! InsurTech is a broad space that encompasses a vast array of topics. Are you a passionate insurance professional, keen to explore the advantages of intelligent automation? Bring that passion and voice for respecting what has passed, but embracing what is new. Are you focused more on the startup ecosystem? Is it the customer and reimagining the customer experience that gets you excited? There are so many paradigms to InsurTech, the only barrier is your imagination and creativity. Engage actively with others and share your vision. There is no wrong answer. Try, fail and move on. Just make sure you interact and connect with as many folks as you can along the way.

One thing that I found helpful when trying to convince senior stakeholders in insurance of the importance of data analytics and artificial intelligence, was to highlight the fact that the core business model of insurance is per se all about data. For centuries, insurance companies have been gathering data, analyzing it and building predictive risk models to accurately price policies. As such, using data to make better decisions is nothing new for insurers. Looking at it from this perspective, it only makes sense to embrace new technological tools and capabilities, such as machine learning or generative AI, to enhance the quality of these analytical activities.

Data analytics is a cornerstone of insurtech. By harnessing the power of big data, you can gain a deeper understanding of customer behavior, risk assessment, and market trends. Implement tools and systems that allow for the collection and analysis of large data sets.

Use your own knowledge and imagination to sift through trends. Many of the trends will not hold the test of customer centricity over a period of time. Think critically and evaluate those that will add significant value.