Welcome | Insurance Innovators USA Trends Report - Insurance Innovators

From the insights shared by our expert speakers at Insurance Innovators USA, and discussions in our recent Advisory Board meeting, we’ve selected the 10 key trends driving the insurance industry in 2024.

WELCOME FROM INSURANCE INNOVATORS

Both Insurance Innovators USA 2024 and the discussion with our Advisory Board proved yet again the level of transformation and innovation going on in our industry.

The hurdles which have prevented new technologies like AI from truly making their mark on the industry are slowly being lifted as insurers increasingly become data-mature and agile organizations. As they do so, a myriad of possibilities are opening up: new ways to reach customers, new forms of partnerships and engagement, and the possibility of becoming a true risk prevention partner.

And it is clear that insurers must act to capture these opportunities. We are all facing an increasingly unstable world economically, socially, environmentally. These factors will continue to impact insurers’ bottom lines should they fail to adapt and innovate. But if the buzz and excitement at Insurance Innovators USA was anything to go by, this is an industry raring to meet this challenge head-on!

We’d like to say a huge ‘thank you’ to all of the speakers and sponsors at Insurance Innovators USA 2024, along with our Advisory Board, without whom neither the event nor this Report would have been possible. We’re grateful to EIS for their support. And finally, ‘thank you’ to you, the reader!

WE HOPE YOU ENJOY!

CATE KAY

DIRECTOR
INSURANCE INNOVATORS

JAMES HEALEY

CONTENT MANAGER
INSURANCE INNOVATORS

PHILIPPE LAFRENIERE
SVP, HEAD OF P&C MARKETS, EIS

It used to be easy to describe what an insurance company does: underwriting, pricing, distribution and claims. Now, however, insurers are thinking beyond the nuts and bolts of the product, and looking instead at developing the role they play in their customer’s lives within a wider, data-rich ecosystem centered on how they live, how they drive, how they work.

Achieving this fundamentally requires a new way of thinking: looking outwards instead of inwards. The guiding light must be a very clear focus on outcomes for customers, be they individuals or companies. How those outcomes will be delivered remains to be seen, and will vary from insurer to insurer. Some will focus on product innovation, some on pricing, others will play in distribution; we may see insurers as ecosystem orchestrators while others will play in ecosystems run by others – the possibilities are endless.

The one-size-fits-all policy will increasingly be replaced by highly bespoke and dynamic coverage that flexes to meet a customer’s changing risk profile, needs and preferences. And this highly customized financial safety net will be managed via a digital interface that is as simple, slick and secure as the most elegant experiences offered by the best-in-class digital leaders: the future will see collaboration and competition with the likes of Uber, DoorDash, Amazon.

Insurers must leverage the same capabilities those leaders deploy: cloud-enabled for agility, efficiency and speed to market; real-time data sources for better customer understanding; and AI and machine learning for smarter, faster and more personalized experiences.

As anyone attending Insurance Innovators USA can attest, these are exciting times to work in insurance. Technology has reframed the art-of-the-possible when it comes to insurance and that buzz of creativity, passion and optimism was palpable during two-days of insight, debate and discussion at the Music City Center in Nashville.

We are presented with a once-in-a-generation opportunity – and indeed an obligation –to build an industry that is fit for the future, whatever it may hold. At EIS Group, we’re proud to help insurers to transform to tech-first companies and work with them to unlock the future of the industry.