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INNOVATION UNLEASHED: INSURTECH LEADERS PAINT A BOLD PICTURE FOR 2024

The insurance landscape will continue to evolve as leaders predict we will see a
focus on hyper-personalization, embedded insurance, and the humanization of AI.
By: Abi Potter Clough | January 12, 2024
Topics: Artificial Intelligence | Emerging Risks | Future of Insurance | Global
Risk | Insurance Industry | Insurtech



The leaders of five insurtech firms recently shared their predictions for 2024
with Risk & Insurance. Some things are safe to bet on continuing in the new
year, like the fast pace of change and macroeconomic challenges on a global
scale.

But what else can we expect to see after ringing in the new year? The experts we
spoke with predicted changes to the ways we view risk, enhanced partnerships,
and a focus on improving the claims journey for customers and insurers alike.
Here are more of their predictions.




THE CHANGING NATURE OF RISK

Jacqueline Legrand, CEO and co-founder of MAPTYCS, talked about the changing
nature of risk and how insurtechs and insurers can partner together using new
technologies to better manage risk. She said, “Risk management will become
critical for all stakeholders in the insurance market to keep the cost of risk
under control for both insurers and insureds. The severity and frequency of
severe weather and cyber events will only continue rising, and insurance alone
cannot be the answer.”

She continued, “I see this as an excellent opportunity for insurtechs to
collaborate with the insurance professionals and help the industry better
leverage AI, geospatial analytics, and real-time external data. New technologies
will open lanes to share all types of data between customers and insurers to
rebuild trust, set the foundation of a sustainable insurance system, and meet
clients (and talents) evolving expectations.”


SYNERGISTIC PARTNERSHIPS BETWEEN INSURTECHS

Jonathan Jackson, CEO of Previsico, also talked about partnerships and narrowed
his focus to the collaboration potential between insurtechs. Leveraging the
principle that the sum is greater than the parts, he predicts synergistic
partnerships will define 2024, developing new opportunities and driving greater
value. His prediction is:

Jacqueline Legrand, CEO and co-founder, MAPTYCS

“Insurers will start to combine different insurtech offerings to benefit from
the synergies that produce a sum greater than its parts. This will be driven by
insurtechs collaborating on combining their services to deliver enhanced value
to the insurers. At Previsico we’re taking this approach collaborating with GWT
Insight on their commercial buildings data and Overstone in the art valuations
market.”




AI EVOLVES TOWARD MORE HUMAN CONNECTION

Margeaux Giles, CEO of IRYS, predicts we will see a shift in AI to a more human
version of the technology, something that can create a genuine human connection.
She said, “2024 will bring with it the rise of humanity as a new commodity. We
will see a shift across the board as AI starts to infiltrate the
insurance vertical toward genuine human connection. That will manifest in
several ways.

“We’ll see it in the distribution channels as consumers continue to demand more
personalized experiences in both the sales and service departments. Gone are the
days of the mass-produced email campaigns, and the customer service chatbot. The
companies that can provide the customer experience assisted by AI (not run by
it) will win in a big way in 2024.

“We will also see this creep into the technology platforms insurance companies
will be adopting in 2024. To provide exceptional customer experiences, you need
to also provide elevated employee experiences. These really go hand in hand, so
we will see a rise in companies placing a whole lot of investment into creating
workflows, interfaces, and streamlining the day-to-day operations for insurance
professionals. I think this will be compounded by the fact that 50% of our
workforce is retiring in the next 4 years and attracting and retaining talent is
top priority for companies now.”


CREATIVE INNOVATIONS IN EMBEDDED INSURANCE CONTINUE

Megan Bingham-Walker, CEO and co-founder of Anansi, sees the continued
development of embedded insurance use cases through 2024, especially products
that make use of data and analytics. She also expects to see improvements within
the claims experience differentiating insurtechs.

She predicted, “I think we’re going to see more applications of embedded
insurance in a business insurance context. Businesses are already gathering vast
amounts of risk data and sharing in accounting tools, telematics, and other
databases, I expect to see many more insurance products tapping into these
sources to power their products, similar to Anansi’s embedded goods-in-transit
insurance.

Margeaux Giles, CEO, IRYS

“In the context of the current funding environment, insurtechs are refocused on
reaching sustainable profitability in a capital-efficient manner, rather than
investing in growth at all costs.

“The quality of the claims experience is what will differentiate the
best-in-class insurtechs from the rest. Excellence in all aspects of claims is
what will lead to the highest level of customer retention, so I think we’ll see
lots of insurtech doubling down on this to minimize customer churn in a tighter
environment.”


OPERATIONALIZING AI WILL BECOME A DIFFERENTIATOR 

Andy Cohen, president of Snapsheet, predicts 2024 will bring changes to the way
insurers deploy technology, including the operationalizing of AI.

Cohen said, “Carriers will look back at historical technology investments and
realize they are not able to support rapid and inexpensive deployment of new
technology. Carriers, MGAs, and TPAs will re-evaluate historical investment
areas and begin to invest in new core platforms or new wrappers to core
platforms that can operationalize Artificial Intelligence.

“Over time AI itself will become commoditized, however operationalizing AI
through workflow, communications, engagement, and decisioning will be the
primary differentiator, and carrier core systems today do not contemplate
capabilities required to rely on multiple models simultaneously throughout a
complex value chain.”



Time will tell if these predictions for 2024 from top insurtech leaders will
prove true. But while the future remains uncertain, innovation and forward
momentum within the insurance industry continue at a rapid pace. &

Abi Potter Clough, MBA, CPCU, is a keynote speaker, author and business
consultant focused on Insurtech, leadership and strategy. She has over 15 years
of experience at a Fortune 500 company with expertise in P&C claims operational
leadership, lean management consulting, digital communications and Insurtech. As
the past chair of the International Insurance Interest Group of the CPCU
Society, Abi remains involved in many international initiatives and projects.
She has published two books about change management and relocation. Abi can be
reached at Abi1Leads@gmail.com.





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