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InsurTech : Trends and Innovations in 2019

When I look back at how rapidly InsurTech is evolving over the years, it makes me wonder what will happen in the next few years. Although we cannot be sure of the technological advancements we can predict some of them for the next year.

Insurtech trends for 2019

Could 2019 be the year of some more interesting digital transformation in InsurTech? Here are some of our predictions:

1. Underwriters will gain knowledge with AI: 

Underwriting is one of the essential components of the insurance business and no matter what no machine can replace underwriters. But, we can expect that by 2019 underwriters will get a lot of assistance for their work procedures through AI and RPA. It will help them manage high volumes of data, parse and validate evidence faster and more cleanly through automation. Reports suggest that insurers spend most of their time doing mundane tasks such as data entry instead of performing core operations. The relevance of AI in 2019 will be more impactful for underwriters as it will free them from those additional time-consuming tasks.

2. Blockchain for centralising medical data:

Blockchain provides a central platform for digital medical records that underwriters can access securely. In the next year with the evolution of the regulatory environment around blockchain transaction and the streamlining and automation of underwriting processes, the blockchain will play a vital role in this industry.

3. Top-notch security:

The one thing that all sectors struggle with when they adopt the digital platform is cybersecurity. The networks are always vulnerable to cybercriminals and could be exploited at any point. Insurance firms also face the same issues with legacy systems that are often hard to update so 2019 will also see some advancement in this field and will focus on making platforms much secure, reducing risk across the enterprise.

4. Improved customer experience:

Customers are becoming digitally savvy by each passing day, and they expect a compelling user experience for every digital transaction they make. The insurers need to ensure that they provide their customers as well as the distribution partners a well crafted digital platform that is compatible with new devices while also offering them a personalised experience.  This step will also be instrumental in targeting the millennial generation who generally do not take an interest in insurance policies because of its cumbersome architecture.

5. Increased automation:

Automation is gaining momentum in the insurance industry, but it will become more prominent across the entire customer experience and the value chain. The use of chatbots for processing simple requests, quoting and analysing complex issues that might need human intervention will all be a part of advanced automation. 

6. Hyper-personalised policies:

The one thing that Insurtech will surely see in 2019 are policies that are customised depending on the needs of the insurants. The agents will make use of the predictive and data analytics to create policies that are cost-effective and useful for both the parties irrespective of their policy size.

All the predictions stated above will play a vital role in Insurtech in 2019, and one can expect accelerating growth in fields like AI, automation of processes and digitalisation of the underwritings. Data and analytics is the underlying key that will enable all these advancements to take place smoothly.


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Retention playbook for Insurance firms in the backdrop of financial crises

4 minutes read

Belonging to one of the oldest industries in the world, Insurance companies have weathered multiple calamities over the years and have proven themselves to be resilient entities that can truly stand the test of time. Today, however, the industry faces some of its toughest trials yet. Technology has fundamentally changed what it means to be an insurer and the cumulative effects of the pandemic coupled with a weak global economic output have impacted the industry in ways both good and bad.

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Source: Deloitte Services LP Economic Analysis

For instance, the U.S market recorded a sharp dip in GDP in the wake of the pandemic and it was expected that the economy would bounce back bringing with it a resurgent demand for all products (including insurance) across the board. It must be noted that the outlook toward insurance products changed as a result of the pandemic. Life insurance products were no longer an afterthought, although profitability in this segment declined over the years. Property-and-Casualty (P&C) insurance, especially motor insurance, continued to be a strong driver, while health insurance proved to be the fastest-growing segment with robust demand from different geographies

Simultaneously, the insurance industry finds itself on the cusp of an industry-wide shift as technology is starting to play a greater role in core operations. In particular, technologies such as AI, AR, and VR are being deployed extensively to retain customers amidst this technological and economic upheaval.

Double down on digital

For insurance firms, IT budgets were almost exclusively dedicated to maintaining legacy systems, but with the rise of InsurTech, it is imperative that firms start dedicating more of their budgets towards developing advanced capabilities such as predictive analytics, AI-driven offerings, etc. Insurance has long been an industry that makes extensive use of complex statistical and mathematical models to guide pricing and product development strategies. By incorporating the latest technological advances with the rich data they have accumulated over the years, insurance firms are poised to emerge stronger and more competitive than ever.

Using AI to curate a bespoke customer experience

Insurance has always been a low-margin affair and success in the business is primarily a function of selling the right products to the right people and reducing churn as much as possible. This is particularly important as customer retention is normally conceived as an afterthought in most industries, as evidenced in the following chart.

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        Source: econconusltancy.com

AI-powered tools (even with narrow capabilities) can do wonders for the insurance industry at large. When architected in the right manner, they can be used to automate a bulk of the standardized and automated processes that insurance companies have. AI can be used to automate and accelerate claims, assess homeowner policies via drones, and facilitate richer customer experiences through sophisticated chatbots. Such advances have a domino effect of increasing CSAT scores, boosting retention rates, reducing CACs, and ultimately improving profitability by as much as 95%.

Crafting immersive products through AR/VR

Customer retention is largely a function of how good a product is, and how effective it is in solving the customers’ pain points. In the face of increasing commodification, insurance companies that go the extra mile to make the buying process more immersive and engaging can gain a definite edge over competitors.

Globally, companies are flocking to implement AR/VR into their customer engagement strategies as it allows them to better several aspects of the customer journey in one fell swoop. Relationship building, product visualization, and highly personalized products are some of the benefits that AR/VR confers to its wielders.  

By honoring the customer sentiments of today and applying a slick AR/VR-powered veneer over its existing product layer, insurance companies can cater to a younger audience (Gen Z) by educating them about insurance products and tailoring digital delivery experiences. This could pay off in the long run by building a large customer base that could be retained and served for a much longer period.

The way forward

The Insurance industry is undergoing a shift of tectonic proportions as an older generation makes way for a new and younger one that has little to no perceptions about the industry. By investing in next-generation technologies such as AR/VR, firms can build new products to capture this new market and catapult themselves to leadership positions simply by way of keeping up with the times.

We have already seen how AR is a potential game-changer for the insurance industry. It is only a matter of time before it becomes commonplace.


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