2018 digital insurance predictions
Editorial by Rick Huckstep
As we prepare to wrap up one year and enter a brand new one, it is always a great time to reflect. And it’s also a great time to have some fun and guess what’s coming next. Which is apt for insurance given that it’s an industry all about predicting the future.
It is all the more interesting because we have this phenomenon call InsurTech. Barely three years old and already it has changed the landscape and influences just about every strategic agenda in the insurance boardroom.
I read recently that there has been a 522% growth in InsurTech start-ups, and that InsurTech accounts for 22 times more jobs. I have no idea how anyone can work those numbers out, but they make a valid point whether they’re fact or fiction. Which is that InsurTech is growing fast and it’s having an influence on the industry.
For this month’s InsurTech Insights, KPMG’s contribution is written by Murray Raisbeck and Paul Merrey. InsurTech hits scale is how they entitle the article. Although heavily dependant on the belief and capital of investors, KPMG make the case that InsurTech is on the verge of being mainstream. I agree with that.
I have also contributed my top 10 for 2018. This is the third year in a row that I have published a predictions list. It’s called a list of predictions but really it is a list of trends. By consolidating my discussions with the founders and CEOs of 100s of InsurTech start-ups, this is my POV on the direction of travel for the insurance industry.
On behalf of the whole team at The Digital Insurer, we wish you all peace and happiness over the festive period. It is a time to reflect on the past and to prepare for the future.
We thank you for your continued support as we work together to accelerate the digital transformation of insurance.
P.S. See the link to join our free webinar on this same topic on the 23rd of January. It’s going to be a special edition 90 minutes webinar packed full of live discussion and debate on what is going to be hot in digital insurance in 2018!
Best wishes, Rick
The insurance industry and technology are no strangers to each other. And yet the industry has not been considered a leader when it comes to the application of technology.
Insurtech looks set to gather serious momentum over the next year, as proof of concepts are scaled to production. .