2018 was a year of significant growth and change in the insurance sector. A surge in insurtech investments was witnessed, with a record-breaking $3bn of funding. The industry saw a shift towards customer-centricity, with insurers using advanced technology to improve user experience.
Artificial Intelligence (AI) and Machine Learning (ML) played pivotal roles, with insurers adopting these technologies to streamline processes and enhance customer service. The use of drones and satellite images for claims processing and risk assessment also increased.
The rise of ‘proactive protection’ was a notable trend, with insurers moving from a model of compensation to one of prevention. This approach is facilitated by the Internet of Things (IoT), which allows for real-time monitoring and risk mitigation.
Blockchain, despite its hype, has yet to make a significant impact in the sector. While there are promising use cases, the technology’s adoption remains slow.
The year also saw the emergence of ‘digital twins’, virtual replicas of physical assets used for risk modelling and management.
Finally, 2018 marked a shift in talent acquisition, with the industry seeking individuals with diverse skillsets and backgrounds. The demand for digital skills, particularly in AI and data science, significantly increased.
In short, 2018 was a transformative year for the insurance sector, marked by technological advancements, a focus on customer experience, and a change in talent acquisition strategies.
Go to source article: https://www.linkedin.com/pulse/2018-view-through-my-looking-glass-nigel-walsh