2024-01-04 14:04:02
The digital era has revolutionized the way many traditional businesses operate, and the insurance sector is one of those that most incorporates new technologies, accelerating growth and expanding its reach.
This transformation of the sector was largely due to the investment in a good technological infrastructure, in addition to improving customized software for insurance companies, and all investment and modernization help to increase consumer loyalty even more and bring growth to the category.
According to CNseg (National Confederation of General Insurance Companies), the category wants to increase its participation in GDP from 6.5% to 10%, the population served by 20% and the volume of compensation from 4.6% to 6.5% by 2030. Now the risk rating agency Fitch states that premiums in the insurance sector in Brazil are expected to grow 7% in 2024.
According to Insurtech Insightsthe insurance industry will undergo a strong transformation in 2024, where agility and customer centricity will be the main differentiators in the competitive global market.
The specialist and Managing Partner of CBYK, Fabricio Visibeli, also agrees with the importance of customer centricity: “With the consumer at the center of companies’ attention and boasting the power of change, making their lives easier and valuing their journey and relationship with the brand became essential. Facing these changes, insurers are adopting innovative technologies to improve their processes and customer satisfaction, and for 2024,” he comments.
Fabricio also points out that for 2024, the insurance sector predicts 4 main trends:
Artificial intelligence:
He explains that, with Artificial Intelligence, insurers can analyze terabytes of
data quickly and objectively, identifying patterns and even customizing insurance individually. Fraud detection is an important area in which insurers use AI, which makes it easier to combat false or exaggerated claims, ghost insurance, misrepresentations of personal information, staged accidents and multiple collision fraud, among other functions;
Mobile solutions:
The expert points out that through mobile applications, it is possible to quote, hire and make
Insurance changes with just a few taps. Having your own app to provide customers with easy access to information such as policies, claims and payments on mobile devices is one of the basic applications that insurers can offer in order to improve the customer experience and increase operational efficiency;
Telemetry:
Another trend he highlighted is telemetry, which can help insurers identify flaws in drivers’ driving style, in addition to providing information about the car’s performance. Any dishonest behavior by policyholders can bring losses to insurers, resulting in significant financial losses for companies, in addition to increasing premiums for all policyholders. With the strategy, Fabrício explains that premiums can be adjusted according to each insured profile;
Wearable Devices:
Finally, he explains that wearable devices enable the collection of valuable data to monitor aspects of policyholders’ health in real time, such as heart rate and sleep quality, allowing insurers to reduce costs, identify risks and prevent claims. The information also allows insurers to encourage healthy habits and offer related discounts to customers.
Fabricio concludes that 2024 will be a year driven by many technological changes, due to the advancement in innovation that will be significant in the insurance sector as predicted in the data presented.
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