How Tech is Taking its Place in the Insurance Industry

Technology is taking over the insurance industry. For the past five years, the search volume of the term “InsurTech” skyrocketed, and more than three million results can be found on Google today. Generally, InsurTech refers to technological innovations that are created and implemented to improve the efficiency of the insurance industry. In a bigger sense, InsurTech refers to an ecosystem that combines related businesses to offer insurers and their clients a more valuable service. Agriculture, healthcare, cybersecurity, the sharing economy, asset management, transportation, and other adjacent industries are particularly relevant. This article will briefly introduce how trends in tech are and/or has been shaping the insurance industry.

McKinsey & Company has concluded some trends that prominently impact insurance.

• Applied AI – Reengineering core processes

• Distributed infrastructure - Cloud as great aide

• Future of Connectivity - Speed up in data-sharing

Here at Sedna, we are ready to embrace changes in the future of the insurance industry. With over 15 years in consulting, we have extensive knowledge of Casualty, Property, Workmen Compensation, Litigation, and Compliance, etc. We also have a track record of success with Health insurance jobs that need a specific understanding of HIPAA, eligibility, and claims processing.

Sources:

https://www.mckinsey.com/industries/financial-services/our-insights/how-top-tech-trends-will-transform-insurance

https://www.pwc.com/us/en/industries/financial-services/library/insurtech-innovation.html

https://www.youtube.com/watch?v=tuUtTXCVgCo