Insurance technology has been normalized among the leading insurers across the globe today. With most insurers, especially the ones in India, picking up insurance technology and adopting it with their traditional system, there has been a great increase in innovation for them.
If we take a step back, to the years when Insurers were booming with traditional systems, we can see one thing that resonates even with the innovatively evolved present insurance industry: And that is the crude determination to keep finding new ways to satisfy the customers.
From intense personnel training developments to digitalization, it has been a long and much-changing road, especially for those who preferred the traditional methods, which was also working out exceptionally.
However, with some insurers adopting insurance technology from insurance technology providers, there has been a significant shift in growth. Such peer pressure compelled those who initially doubted insurance technology to adopt them as well. This can be seen as clear as day in the data showcasing GROSS WRITTEN PREMIUM since 2017 and predicted through 2028. From a low amount of 71.18 Bn USD for Life Insurance and 51.27 Bn USD for Non-life in 2017, to a predicted gross written premium of 125.50 Bn USD for Life and 133.40 Bn USD for Non-life in 2028, we can surely say there has been an insane amount of growth, especially for the non-life insurance.
The growth in non-life insurance can be attributed to the innovation of insurance technology specific to niches, for example, the development of vehicle inspection systems to automate the claims management of Motor Insurance. Products like iNube’s Vehicle Inspection Solutions have paved the way for several clients in the recent past to help tackle several issues they faced in the line of fraudulence, inefficiencies, and high customer dropout rates.
Today, with seamlessly adaptable insurance technology in the market, almost every insurer is ready to adopt without any hassle of disrupting their core system. And with automation in play, it makes it easier for the insurers to use their current resources much more efficiently, and at least, 5X more productively.
Are you one of the organizations looking to adopt cutting-edge insurance technology from one of the leading insurance technology providers?
