2020 Predictions: The insurtech dream becomes reality

Insurtech futurologist at Guidewire Software and TedTalk speaker, Laura Drabik has these thoughts on how 2020 will see closer relationships between insurers and insurtechs focused on customer convenience:

Making insurance convenient less of a dream in 2020

Insurtechs who transform processes and customer engagement will be become more of a part of an insurer’s technology platform. That is good news for everyone as it means that the dream of insurers to make insurance convenient for the insured will be less of a distant dream in 2020. For insurtechs, they will be finding a safe berth for their innovative technology so long as the platform model is adopted. So, in 2020 expect insurtechs to increasingly delight rather than disrupt the traditional insurer’s world.

Photo-based estimating takes off

Image-based estimating supported by insurtechs like Livegenic, MirrorMe, and Truepic, empower the insured to expedite the claims process by gathering video and photos of the damaged property. Connected to a digital core, this information can then kickstart automated claims processing and payouts, reducing claim open times and expediting funds into the hands of the insured. This kind of simple, end-to-end processing must be a standard feature for most insurers by the end of 2020, if not earlier.

More, smarter prefilling of customer data for better quotation processing

Look to more insurers leveraging the kind of value propositions of insurtechs like Fenris digital. This kind of insurtech prefills valuable customer and risk data, improving the speed and accuracy of the quote. Combine that with geospatial analytics which measure individual risks, and customers not only have convenience but also accuracy of the premium. Again, the value of this is in how all customer and rating details are stored in a digital core to leverage in transactions.

Real-time messaging becomes a connective tissue for good insurance experiences

Miscommunication still dogs the claims process regardless of how many more communications options are available. Fixing this will be a growth area for insurtechs. Imagine more real time communication between agents and adjusters with the insured, all made possible by connecting technology like Hearsay or Genesys. The agent or adjuster creates the message either directly or via an AI-owned process, and the insured customer is connected in real-time to their claim details, updates or transactions.

Let’s love the coming mega swarm of IoT things

2020 will be a landmark year for IoT devices on our bodies and in the home, our cars, businesses, and through a myriad other ways our society and economy runs. One estimate is that there will be 30 billion IoT devices by 31st December 2020. While the momentum has been there for some time, as 5G services seek a role, more reliably faster, higher bandwidths are going to be an important propellant. And for all of this insurers have only scratched the surface on mainstream IoT-power products. Imagine how IoT devices could help make insurance convenient by providing real-time data input on a home, vehicle or insured ‘state’. Additionally, IoT data streams will be invaluable as they feed into more accurate pricing and better mitigation of losses.

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