Our series of articles looking at various trends affecting technology employers in 2024 now focuses on insurance tech. Like other sectors within the overall FinTech movement, insurers need to adopt a progressive approach towards innovations in IT.
With other insurance companies adopting new tech faster than ever, those left behind ultimately struggle to compete.
Leverage these insights on insurance technology trends to stay ahead of the pack in an increasingly competitive sector. It appears the days of the staid, conservative insurance company remain squarely in the past. Understanding the latest technical trends in this sector positions your organization for continued success.
What Insurance Tech Trends Are There in 2024?
Insurers Providing Digital Self-Service Capabilities to Customers
One of the hallmarks of the current Digital Transformation involves empowering customers like never before. In insurance tech, you see this concept applied by providing more self-service abilities to customers. If someone wants to make an adjustment to a policy, they handle things online instead of calling an agent. Expect this level of digital services to remain an important competitive differentiator between insurers in 2024.
State of the Art Websites and Mobile Apps for Insurance Customers
Many FinTech innovations focus on providing a better user experience to customers. In fact, a recent survey noted 80 percent of customers leave insurers due to poor website or app designs. Organizations in this sector wanting to add and retain customers must invest in the digital tools provided to users. This includes crafting personalized products, but designing mobile apps and websites with top-shelf user experiences arguably remains more important.
Supporting Omnichannel Customer Experiences
Insurers looking to engage current customers while attracting new ones increasingly leverage an omnichannel marketing approach. In short, they no longer only advertise on televised golf tournaments! Part of this approach embraces social media networking, while also tracking customers’ activity across the Internet. As a result, expect higher levels of customer personalization and engagement, trends influencing other FinTech areas, like digital banking.
The Continued Growth of InsurTech
As the digital transformation of the insurance world gains more steam, it earned a new moniker: InsurTech. Like other FinTech areas, the technologies powering this trend include AI, the IoT, and natural language processing. Expect a variety of back-office processes to be transformed by technology innovations. These include underwriting, fraud detection, claims processing, and more, with the companies adopting InsurTech enjoying a significant competitive advantage.
Need to Hire Top Talent?
If your insurance company needs an influx of tech talent experienced in AI and other innovations, connect with The CERES Group. As one of the top technical staffing agencies in New England, we provide the tech professionals you need for success. Schedule a meeting with us to analyze your current and future hiring plans.