30 ID Trends NAILBA
Looking ahead :
Top tech trends
A handful of accelerating technology trends are poised to transform the very nature of insurance per a recent study by McKinsey & Company .
The study examined scenarios across both life and annuities ; and property and casualty . The report ’ s findings spotlighted where tech trends could support more innovative products and enable data-driven , automated , and efficient client engagement methods . All parts of the value chain , from product development to underwriting to claims , are identified as being affected .
The analysis cites a number of use cases across the insurance industry : The life insurance industry will bring to market “ wrapped ” products that seamlessly adjust coverage based on the evolving needs of their customers . Satellites , drones , and real-time data sets will give insurers unprecedented visibility into the risk around facilities , leading to greater accuracy . Claims processing after natural catastrophes will be automated , infinitely scalable , and lightning fast . Automated warehouses ( enabled via applied AI and distributed infrastructure ) may fundamentally alter the nature and focus of workers ’ compensation coverage by removing the majority of human workers from most warehouse operations .
“ Insurance companies will need to move quickly to embrace these technologies while exploring new types of products . For example , the ability to automatically adjust coverage and pricing based on a customer ’ s changing profile will present exciting and lucrative opportunities ,” said Krish Krishnakanthan of McKinsey & Company .
The tech trends highlighted in this analysis will dramatically reshape the industry , creating significant opportunities and , in some cases , existential threats to traditional players . These shifts are already happening , meaning insurers should act now to develop a more ambitious vision for how technology can elevate their organizations .
Resource : https :// www . mckinsey . com / business-functions / mckinsey-digital / our-insights / the-top-trends-in-tech