Infosys’ recently published white paper, Changing Face of the Insurance Industry, outlines emerging trends in insurance. The report analyses the emerging trends resulting from business and technological innovations with the highest potential to become mainstream in the near future.
Leading multinational business and IT consultancy, Infosys, has released a new paper exploring the promising, innovative future that lies ahead for the world of insurance. The title says it all – the Changing Face of the Insurance Industry. According to the report, emerging trends in the insurance industry consist of a combination of business and technology themes most likely to go mainstream in the near to long term.
Changing customer demands combined with shifting compliance standards have compelled players in the insurance industry to rapidly evolve. Additionally, there is much disruption from insurtech firms. Insurtech firms are redefining offerings and distributions with their digital approach to operations. Innovations deliver new and relevant propositions to the customer more quickly. They also help lower operational costs and increase implementation speed of innovations.
Technologies in InsurTech
Technologies highlighted by Infosys in the report included Internet of Things, cognitive computing, and blockchain. All three are considered poised to disrupt and transform the entire insurance value chain, bringing benefits to customers and insurance providers alike.
To offer a visual representation the emerging business and technology trends in the insurance space, Infosys created a Trend Tree (see the report). Branches of the tree represent different areas of technological development, or sectors undergoing major change. Colour-coding visually indicates areas that relate to one another. Blockchain, for instance, shown in light blue, links to the activities of fraud detection and automated claims handling with smart contracts. The chart is highly useful for anyone interested in learning more about the changing insurance industry.
To conclude, the report reiterates the countless opportunities and challenges brought about by technology and business innovations. Consequently, insurance carriers must aim to constantly innovate in order to satisfy customers and make operations more efficient. The report ends with the recommendation to insurance firms to start investing in progressive technologies like blockchain and cognitive computing. This will allow them to remain competitive, certainly considering the expectation that solutions and innovations in these fields will transform operations and revolutionise industry standards.
To read the complete Infosys white paper, Changing Face of the Insurance Industry, click here.