GlobalData has said that the growing maturity of emerging technologies such as AI, biometrics, cloud and alternative reality, and data ubiquity are powering the insurance sector’s digital transformation.
This trend, said GlobalData, is set to accelerate as stakeholders become more aware of new technology.
Abhishek Paul Choudhury, senior disruptive tech analyst at GlobalData, comments: “Emerging technologies are increasingly becoming crucial to the digitalisation of insurance services to better manage risk, automate claims, and enrich customer experiences.”
“The Innovation Explorer database of GlobalData’s Disruptor Intelligence Center highlights how emerging technologies are enabling the automation of several processes across the insurance sector value chains.”
He added: “While nobody can forecast exactly what the insurance sector might look like in the future, insurers must get smart on emerging tech-based trends. They must start formulating and implementing comprehensive data strategy to develop engaging services, generate insights, streamline processes, and lower costs.”
Key developments that GlobalData point to include biometric data analysis, undertaken by insurers like SCOR; automated claims such as those using CoreLogic’s Claims Connect platform; mobile apps such as TM Care from Tokio Marine; and mobile-first brokerage.
