#InsurTech / Update 2021: Five trends that will shape Insurance sector

1. Insurers without agile tech will not be winning any prizes in 2021
… Spending money on “point-in-time” systems which solely address today’s business problems, without consideration of what may come tomorrow, without warning, is the strategy of insurers who will not survive much beyond 2021.

2. Out with the old, in with the new – system of processes, not record, become core
… In 2021, insurance IT teams will restructure their business architecture by implementing a ‘centre out’ approach. This means having the back office focusing on policy and the front office on customer relationship management, with both connected via a central intelligent hub.

3. … customer-centric and digital-first
… Currently, insurers are not in the position in which they need to be – industry-wide, there is still a reliance on staff to serve customers via contact centres for all types of requests from simple to complex. Numerous companies haven’t built the automated omnichannel communications required to reduce reliance on staff, decrease customer call wait times, cut costs and respond better to customer needs.

4. Distributed workforce: insurance workers cement blended work style
…Insurance companies will focus on both ensuring remote workers have the tools they need to work from home as well as keeping offices sanitised and socially distant for those choosing, or required to go in. They will also invest in technology systems that ensure staff are all working in full harmony no matter where they are based or when they are working.

5. Data and analytics move the needle from reactive to proactive insurance
… digital disruption is changing the nature of what it means to be insured. Traditionally, insurers have been around to help customers after they have encountered problems, but new technology will allow insurers to use data to predict what might happen to customers to actively help them avoid problems beforehand.

https://bfsi.eletsonline.com/five-trends-that-will-shape-insurance-sector/