New technologies are shaping the industry’s transformation, says GlobalData
30 May 2022
The advancement of new technologies is especially driving digital change in how the insurance industry operates, analyst GlobalData said.
Advances in technologies such as artificial intelligence, biometrics, and data collection products are said to have a new impact on the industry’s continued digitization.
GlobalData senior disruptive tech analyst Abhishek Paul Choudhury says the evolution of these technologies has allowed insurers to incorporate them into many aspects of their services.
“Advancing technologies have become especially important in the digitalization of insurance services to better manage risk, automate claims, and improve customer experiences,” Mr Choudhury said.
French reinsurer SCOR’s biometric cardiovascular risk calculator was promoted as part of the new wave of technology used in the industry.
The technology uses automated algorithms that analyze multiple sets of data to provide a detailed analysis of cardiovascular risk and better pricing decisions for the insurer.
The report highlights many examples of insurers around the world engaging with advancing technologies in their service and urges insurers to consider the trend.
“While no one can predict what the insurance sector will look like in the future, insurers need to be aware of emerging technology-based trends,” Mr Choudhury said.
“They need to start creating and implementing a comprehensive data strategy to improve services that are compelling, generate insights, streamline processes, and reduce costs.”