Digital Insurance Trends

Customer acquisition, onboarding and engagement, underwriting and risk management, billing and claims – all these areas are being changed by the digital innovations. Digital Insurance Trends is a group for professionals who are interested in Insurance Technology, Fintechs, and Solutions Providers - as well as Global Industry Intelligence.

Paul Rusu Director Consulting & Insurance Solutions EMEA at SoftServe

Insurers Start Small Steps to Transition From Legacy IT Systems

Insurance profitability is being squeezed by rising costs and competition, while the ability to do anything material about this is being hampered by outdated technology and working practises. But there are signs this is starting to change. The deployment of the AI and ML capabilities and improved customer interfaces, which could offer considerable ...

20 February 2023 /people /cloud

Bency Byju Consulting Patner at Not Applicable

How Digital twin technology can be leveraged in insurance industry

How Digital twin technology can be leveraged in insurance industry Digital Twin technology has been around for decades. The concept is believed to have its origin at NASA when simulations were carried out to bring back the Apollo 13 astronauts. Gartner defines digital twin as a digital representation of a real-world entity or system. Simulations ...

21 January 2023 /predictions

Sheridon Glenn Global VP, Strategic Markets & Initiatives at Guidewire

Insurers should differentiate through value and not price

The ripples from Amazon’s announcement that it was entering the UK insurance market with its own aggregator are still gently washing over the industry. I say ripples, because it was not quite the shockwave that some in the industry have been holding their breath for ever since Big Tech first turned its attention to the market. As to how this invol...

09 January 2023 /regulation

René Schoenauer Director of EMEA Product Marketing at Guidewire Software

Will embedded insurance become the future of the industry?

Many in the insurance industry see embedded insurance as the logical next step in the industry’s evolution. Proponents argue that with its promise to disrupt insurance distribution, embedded insurance will be a major growth driver. As the market develops, we have seen a number of major consumer brands, from Tesla to IKEA and Uber, begin to embe...

25 November 2022 /predictions

René Schoenauer Director of EMEA Product Marketing at Guidewire Software

Are insurers doing their duty when it comes to customer service?

News of the FCA’s Consumer Duty regulations sparked some lurid headlines about heads of financial services firms being heavily fined for failing on customer service. Setting aside the hyperbole, the new rules do put pressure on insurers, banks, and others to take customer centricity even more seriously. Unlike banking, customer interaction with an...

22 August 2022 /regulation /cloud

René Schoenauer Director of EMEA Product Marketing at Guidewire Software

Why ecosystems could be the end and the beginning of insurers as we know them

At a recent Insurance Innovators Conference , a dominant theme was ecosystems in insurance. Specifically, what role insurers should play in relation to other companies offering products and services to consumers. One of the more eye-catching views expressed was that insurers should embrace other businesses owning the customer relationship whilst ...

24 March 2022 /predictions

Retired Member 

Insurance has a customer retention problem, digital is the answer.

You know the drill, your insurance comes up for renewal, you need to find the best price as quickly as possible and you know there is a one-stop shop for finding out who can give you the lowest premium. Insurance has been commoditised. We don't care who insures us, who underwrites the premium or how we interact with them. Essentially, we have beco...

17 March 2022 /payments /predictions

Henri Wajsblat Financial Services Expert at Anaplan

How data can become black gold for insurers

For the last few years, exponential development of the Internet of Things has translated into billions of connected devices producing zettabytes of data. This large pool of data can arm insurers with valuable insights on more tailored services, optimized pricing, and lowered claims to help improve the customer experience. Data can also help insure...

10 March 2022

Alex Kreger Founder & CEO at UXDA

Digital Insurance Trends: Customer Experience Restarts the Industry

More and more companies from different industries are evolving from a product-based marketing mindset to one focused on the customers' experience. This is because in an experience economy of the digital age people don’t buy products or services but the experiences and emotions behind them. Unfortunately, the insurance industry is not exactly assoc...

17 February 2022 /people /markets

René Schoenauer Director of EMEA Product Marketing at Guidewire Software

Better use of analytics can make insurers quick off the mark

Insurance is traditionally thought of as being a retrospective business, using the events of the past to determine future levels of risk. Some more cynical commentators might also say the industry is stuck in the past upon which it bases its decisions. Whether true or not, what is becoming increasingly clear is that insurers cannot only rely on pa...

13 December 2021 /predictions