LONDON, May 26, 2022 (GLOBE NEWSWIRE) — The insurance sector faces a myriad of challenges. The ones that do not gain experience in artificial intelligence, big data, connected vehicle data, computer vision or take cybersecurity more seriously risk falling behind their rivals. The Future of Insurance – Disruptive Tech Themes market research reports compendium explores trends, companies, case studies, and strategies to show you how to invest in the right themes and to stay ahead of the competition.
Future of Disruptive Tech Themes in the Insurance Industry
Cybersecurity in the Insurance Industry – As cybercriminals become smarter and their methods more difficult to detect, insurers must take cybersecurity more seriously than ever before. Cybercriminals not only have the potential to draw on technologies such as artificial intelligence (AI) in their attacks but also the ability to target vulnerable and naive users as an entry point. Insurance has seen a shift towards digitalization in the past few years, which has only increased the surface area for cyberattacks. COVID-19 has hastened the need for better cybersecurity as insurers were forced to offer more digital access for customers confined to their homes for large chunks of 2020.
This section provides an in-depth analysis of trends in the cybersecurity market that will shape the insurance industry over the coming years. Now that all insurance firms must prioritize cybersecurity, it will allow you to identify the potential security gaps in the insurance industry and help you understand how to respond to these threats. It also details the areas in cybersecurity where insurance firms should be focusing their times and resources, planning to stay ahead of the competition.
For more insights on the impact of cybersecurity in the insurance market, download a free bundle report sample
Computer Vision in the Insurance Industry – Computer vision uses AI to analyze images and videos to identify objects and provide actionable insights. Within the insurance industry, computer vision technology is currently being used to help improve both underwriting and claims processes. Computer vision enables insurers to capture underwriting data more easily and allows for the use of new data that was not traditionally used. It also allows insurers to expedite the claims process by letting AI perform damage assessments using pictures, rather than in-person appraisals. This improves the overall customer experience, as policies can be priced more accurately and efficiently while claims can be settled in a timelier manner.
This section provides an in-depth analysis of the computer vision industry, and the different ways computer vision technology is impacting the insurance value chain. It examines the technology’s impact across different lines of business and highlights the key players in the space utilizing computer vision within their operations.
Artificial Intelligence (AI) in the Insurance Industry – Bigger insurance companies have led the way, but AI adoption is becoming more widespread, with use cases extending further than the basic conversational platforms that were initially deployed. As cloud-based operating systems become more popular, even legacy insurers will begin to implement compatible AI tools. The growing emergence of several specialist tech vendors will further facilitate AI adoption in the insurance sector, presenting a cost-effective approach to using AI versus developing and curating in-house expertise.
This section offers recommendations on which of the seven AI technologies should be deployed across the insurance value chain (product development, marketing and distribution, underwriting and risk profiling, claims management, and customer service), and where they will offer most value. It also identifies the leading insurance companies adopting AI segmented by business line (motor, property, and life insurance), alongside in-depth coverage of the various specialist tech vendors with insurance-specific AI platforms.
Big Data in the Insurance Industry – Big data is already a key theme within the insurance industry. Insurers hold vast amounts of data on consumers, businesses, and claims. The key has been to utilize what they have collected into actionable and valuable insights. Those that have been able to do so best have had the most success in reducing claims and saving themselves and customers money. The potential for growth in this theme is endless as the world constantly becomes more connected, and more Internet of Things (IoT) devices are collecting data in real-time.
This section explores the main trends shaping the big data in insurance theme over the next 12 to 24 months. The trends are split into three categories: technology trends, macroeconomic trends, and regulatory trends.
Connected Cars in the Insurance Industry – The expansion of the connected car market flags the potential for insurers to integrate personalized aspects to how motor insurance premiums are priced by utilizing vehicle data. Connected cars will assist insurers in developing increasingly accurate pricing strategies for customers. Beyond claims costs, an issue that will become increasingly relevant as connected cars become more common will be who owns the data these vehicles produce and how insurers can capitalize on consumer driving insight to price premiums for other products, such as life insurance.
This section provides an in-depth analysis of the connected cars in the insurance theme. It offers a thorough overview of the space, covering market size and claims, contextual and economic factors, regulations, and opportunities. Explore how the development of connected cars will impact the insurance value chain.
Reasons to Buy
- Understand the impact these themes will have on the insurance value chain.
- Identify the key players in the industry that are providing insurance solutions.
- Plan for the future to stay ahead of the competition.
- Identify the main trends shaping the themes over the next 12 to 24 months.
- Ensure you remain competitive as new innovations and insurance models begin to enter the market.
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