04 Jul WHAT’S THE FUTURE OF INSURANCE? – A KEYNOTE SPEAKER AND FUTURIST’S TAKE
Getting to work as a future of insurance keynote speaker, and futurist for health, life, medical, property, and home insurers (among other parties), I’m often tapped to weigh in what’s coming next for the field. The answer is both simple and eye-opening: A tidal wave of change and disruption, to put things simply. Bearing this in mind, it helps to know what’s going on out there in the field. The next time you’re in need of a future of insurance keynote speaker, I recommend starting with one of the following topics (among the hottest new trends and innovations in the space) and building your query from there:
Cloud + Online Tech: Digital technologies are becoming increasingly integral to the insurance sector. Changes here range from customers purchasing policies online to filing claims via mobile apps. Insurers are likely to continue investing in online and virtual platforms to meet shopper demand for convenience and speed going forward.
Artificial Intelligence and Machine Learning: Smart technology can help insurance companies in many ways, including identifying fraudulent claims, enhancing risk prediction models, automating customer service with chatbots, and personalizing insurance policies based on individual risk profiles.
Big Data Analytics: Insurers will likely make more extensive use of data analytics to understand their customers better, assess risks more accurately, and make more informed decisions, like we future of insurance keynote speakers often note. Such a growing push could lead to more personalized pricing models and better risk management.
Internet of Things (IoT): Devices like connected cars, smart home devices, and wearables can provide insurers with a wealth of real-time data. Such an abundance of info can help them assess risk more accurately, offer more personalized premiums, and even provide proactive recommendations to prevent incidents (like a fitness tracker suggesting more exercise to lower life insurance costs).
DeFi Technology: New developments here can enhance transparency and reduce fraud in insurance, particularly in claims management and the underwriting process. New upgrades can also streamline administrative processes, reducing costs and improving efficiency.
Insurtechs: Just as fintechs are reshaping the banking sector, insurtech startups are introducing new business models and technologies to the insurance industry such as peer-to-peer insurance and on-demand coverage. New happenings here are likely to drive innovation and competition in the years to come.
Cyber Insurance: As online threats become more frequent and sophisticated, there will be increased demand for insurance products that cover cyber risks.
Climate Change and Sustainability: As the impacts of climate change become more apparent, there will also be greater demand for insurance products related to environmental and climate risks. On top of this, insurers will likely face more pressure to invest in sustainable assets and to divest from industries that contribute to climate change.
Regulatory Changes: Technological advances and emerging risks (like cyber threats and climate change) are likely to result in evolving regulations that insurance companies will need to navigate.
Customer Experience and Personalization: As in many other industries, consumers will continue to expect seamless, personalized experiences. Insurers that leverage technology to meet these expectations—while also delivering excellent customer service—will likely be the most successful in the future.
