Trends to watch in 2024: Insurtech
1. Insurers are leveraging location intelligence and embedding those solutions within systems to allow for deeper insights and learnings, empowering insurance companies to respond to their surroundings in a more meaningful way. With this integration carriers can predict loss including the likelihood of a claim and the magnitude/severity of that claim. AI attributes about the quality of properties will play a greater role in predictive loss including vegetation, fire risk, number of buildings on the property, debris and other important characteristics.
2. 3D imagery is an area for growth and deeper analysis by insurance carriers. The ability to navigate around a property, visualize proximity to neighboring properties and, most importantly, see changes in slope will create increased accuracy in underwriting and improve the claims experience. These insights will drive greater accuracy into the underwriting process, post-storm damage assessment, validating damage claims & streamlining the claims process, risk assessment, and fraud prevention.
3. Climate change and increasing natural disasters are top of mind for us all, in 2024 and beyond. Insurtech and AI attributes will be increasingly used to fuel improved predictive loss models to mitigate and predict climate-related risks with an emphasis on predictive insurance analytics. Applying a historical archive of imagery will be essential in this type of analysis to see change over time. Predictive loss analytics will become a set standard in order to better prepare for the physical and systemic effects of climate change.
4. Geographic information systems (GIS) and the data they generate in insurance will be vital for insurers to address challenges associated with underwriting, reinsurance, corporate governance, sales and marketing, claims handling, and customer service. Mapping and aerial companies will focus on making data layers easier to visualize inside of GIS tools. By creating, managing, analyzing, and mapping huge datasets and then relating them to the world around us, insurers will glean valuable insights about spatial patterns and relationships.
