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March 6, 2023

20 Insurtech Trends in 2023

Top 20 insurtech trends in 2023

In the same way an article precedes a noun, insurance precedes a possession. And when one’s most prized possession is family, we put a number on health with life insurance. Here, we discuss the trends expected to impact the industry in 2023 and detail what the future might hold for insurtech. As technology radically alters every sphere of our life, why should insurance fall behind? The following details the 20 latest trends in the insurtech industry.

What can we expect from the insurtech industry in 2023?

Gnawed by uncertainty of the next moment and magnified fears, humans demand safety from risks posed to their life and possessions. Insurance guarantees compensation in the event of damage or death, in exchange for a regular payment or “premium.” This definition and the notion of insurance leave room for ambiguity. Who determines the premium? How much damage is too much damage? What items may be insured? What is the method of payment? Why must I pay a premium if I am healthy? The rise of technology helps the industry provide honest answers to these questions.

The values of sustainability, fairness, and transparency define insurtech in 2023. A customer is loyal to a policy that predicts and prevents disaster, entails fair and realistic premiums, and involves the consumer in their decisions. Digitalization in the marketplace allows insurtech startups to find innovative solutions to traditional insurance activities, which attracts more investors to the field.

What is the future of insurtech?

Consistent with a general socioeconomic trend, hyper-personalization and the lazy user’s desire for seamlessness pervades the realm of insurance. Heightened customer expectations push more and more insurance companies to rely on insurtech to fill in the gaps left by the corporate system. With access to all our data, and the cookies we buy and leave behind, insurance companies use technology to see all. Next time you are at a supermarket, debating to buy mandarins or chocolate-covered strawberries, know that your premium might be affected. While this enhanced individualism yields fairer risk assessment, our privacy hangs in the balance.

We expect our technology to be seamless. A customer in the twenty-first century cannot pay five different bills. Insurtech must consolidate all our expenses on one platform, creating an integrated insurance experience. This also helps the insured use their risk capital and time more efficiently. For example, if a customer takes a query up with a chatbot on the insurer’s website, they should be able to resume the same on a mobile-based application. A modern user needs modern continuity.

Another expectation, nurtured by years of overlapping media use, is the need for instantaneous information. Gone are the days people chased the postman for their mail. Automation, by feeding relevant information onto an intelligent software, clears a customer’s doubts within seconds. The easy access to facts returns power to the consumer, allowing them to make an informed decision. However, in a sense, our life is in the hands of our insurance provider. We should thus be able to trust them, a relationship built by genuine human interaction. Insurtech helps companies arrive at such an equilibrium.

Conclusion

Insurtech gives us the infrastructure of reassurance. Instead of following an abandoned path, chatbots now give us directions, and insurtech helps everyday life be easier, more efficient, and even less expensive.

In this article, we’ve seen how amazing technology has been used so far to monitor our health in real-time so that any given insurance premiums are calculated based on the likelihood of negative health. Data collection now ensures insurance is a fairer and more tailored entity than before. We’ve also seen how insurtech can be used to detect fraud and dishonesty and therefore keep premiums lower in the long-run for businesses and consumers. We should brace ourselves, as even more is to follow in the future.

Photo of Kriti Swarup
Kriti Swarup
Content Writer at TechNews180
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