The 4 Biggest Insurance Technology Trends for 2024
Today’s insurers are trying to strike a balance between implementing insurtech operational efficiencies to grow their business, while building trust with policyholders who expect transparency, security and privacy. In 2024, we’ll see more well-recognized insurance technology trends move in new and innovative directions – expanding to bring greater capabilities to the industry.
Here’s what’s on deck for the new year:
Insurance Technology Trend #1: No-code software configuration
Until recently, the standard method of implementing new insurance technology to improve application, marketing and other workflow processes required hiring developers to write multiple lines of code. Having to start from scratch, this traditional process was a huge disrupter due to the exorbitant amount of time required to develop the platform and write and test the code. It was also expensive.
For this reason, the No. 1 insurance technology trend we’ll see more widely developed next year will be the use of no-code software configuration. Simply put, no-code software configuration effectively eliminates the need for coding when implementing a project. With no-code solutions, insurance entities have the flexibility to implement and update workflow processes as needed – without the time and expense of having to start from the very beginning.
Insurance Technology Trend #2: Web-embedded insurance
Wholesale insurance brokers recognize the importance of offering a diverse range of coverage options to their clients. That’s why bundling insurance products has become so common – it enables a holistic approach to risk management, rather than providing individual coverage in isolation.
Web-embedded insurance has emerged as a solution tailored for wholesale brokers, streamlining the bundling process in an online environment. This technology enables brokers to swiftly propose and deliver additional services that align with a client’s needs at the point of online purchase. Picture it as an enhanced feature seamlessly integrated into the wholesale insurance transaction, providing valuable additions to existing coverage.
Insurance Technology Trend #3: AI & NLP
Applied artificial intelligence (AI) is a critical differentiator in the insurance industry. When used in tandem with humans, AI creates a balance between technology and customers – providing benefits to both sides.
Next year, AI will be used in even more roles, particularly those involving the understanding and analyzing of data by way of natural language processing (NLP), which is a capability of AI that gives computers the ability to extract and interpret meaning from human language.
Some examples include virtual assistants that can help streamline a multitude of processes without agents having to wait for their broker to intervene. NLP is also being used to understand and automate simple questions from clients.
Insurance Technology Trend #4: Next-level automation
Automation in the insurance industry is being used to streamline a variety of administrative and marketing processes. In 2024, we’ll see this insurance technology trend expand its capabilities.
Today’s automation is being strategically applied to areas that will give consumers more convenient service delivery. This includes the ability to not only obtain a quote but also receive complete policy documents at the same time. In addition, it allows agents to make changes, update coverage options, and chat with their brokers seamlessly.
As we approach 2024, the insurance industry is on the brink of transformative changes driven by key technology trends. The widespread adoption of no-code software configuration promises to revolutionize operational efficiency, web-embedded insurance is set to enhance client experiences, AI and NLP will take center stage, and the evolution of next-level automation will further streamline customer service.
About Surefyre Inc.
Surefyre is a highly configurable insurance automation platform and agency portal focused on digital distribution and automated workflows. Our easy-to-implement process can integrate with almost anything, from outdated legacy systems to top-of-the-line programs. Our code-less integration platform makes your life easier by automating the submission, rating, quoting and binding process for all property and casualty insurance products.
To learn more, contact Shawn Gonzales, adviser and account executive, at sgonzales@surefyre.co or 415-480-9283.
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