Okay, full disclosure, this article isn’t about mopping robots… but it was too good not to post.
It’s obvious that in a rapidly evolving world of insurance, staying up-to-date with emerging trends is paramount to success. As we get to the half-way point of 2023, the insurance landscape is poised for significant transformation fuelled by cutting-edge technologies and innovative approaches. In this article, we will look into the insurtech trends that are set to make waves in the UK market, with a particular focus on brokers and managing general agents (MGAs).
The rise of ChatGPT in the insurance industry
Artificial intelligence (AI) has emerged as a game-changer in various industries, and the insurance sector is no exception. Insurer Zurich is at the forefront of harnessing the power of ChatGPT, an AI technology, to revolutionize claims processing and modeling.
By leveraging ChatGPT, Zurich aims to enhance efficiency and tackle challenges posed by competitors, including China’s Ping An. This move reflects a broader trend as established businesses, like law firm Allen & Overy and newspaper publisher Reach, experiment with the potential of this transformative technology.
ChatGPT serves as a co-pilot, augmenting human capabilities rather than replacing them. Within the insurance realm, it proves invaluable in tasks such as extracting vital information from lengthy documents and generating code for statistical models. Zurich’s Chief Information and Digital Officer, Ericson Chan, emphasizes the immense efficiency AI brings to jobs such as underwriting and claims processing, highlighting that ChatGPT empowers professionals rather than rendering them obsolete.
Insurtech trends in 2023
The year 2023 holds immense promise for the insurance industry as it embarks on the final stretch of digital transformation. Key technologies such as regulatory reporting and change management, application programming interfaces (APIs), hybrid cloud architectures, AI, machine learning (ML), blockchain, and digital twins will come to the forefront, driving innovation and reshaping traditional practices.
These transformative technologies, while constantly evolving, offer tremendous opportunities for improved data clarity, streamlined operations, and automation of labor-intensive processes. Insurance sector actors can now accomplish tasks that once required thousands of manual work hours within minutes, significantly reducing or even eliminating the need for human involvement.
Additionally, a notable trend in the insurance sector is the increased focus on environmental, social, and governance (ESG) factors. Sustainability impact requirements integrated into frameworks like Solvency II and IDD demonstrate that ESG ambitions are translating into tangible action. Regulatory bodies, such as the European Insurance and Occupational Pensions Authority (EIOPA), are actively promoting sustainability disclosures and the integration of ESG risks within the prudential framework of insurers and pension funds.
AI and automation in insurance
AI and automation have become essential tools for simplifying end-to-end processes and driving agile product development across various insurance domains. Zippia predicts that up to 25% of the insurance industry will be automated by 2025, indicating the significant impact of AI and automation in reshaping the sector.
The coming years will witness a surge in connected consumer devices, including wearables, home assistants, and car trackers. As these devices become an integral part of our daily lives, they bring with them an abundance of data. By leveraging AI, insurance providers can gain deep insights into their clients’ needs and preferences, allowing them to develop tailored propositions that resonate with their customers.
Embrace the future of insurance with SchemeServe
As the insurtech landscape rapidly evolves, it is crucial for insurance professionals, brokers, and MGAs to partner with a reliable and innovative platform to navigate these emerging trends successfully. SchemeServe, a leading insurtech provider in the UK market, is your trusted partner in embracing the future of insurance.
SchemeServe offers a comprehensive suite of solutions designed to empower brokers and MGAs in building, designing, and managing their own insurance schemes. With our platform, you can automate essential processes, simplify operations, and adapt to market changes swiftly.
Furthermore, our platform incorporates advanced features such as account reconciliation through our Digit Accounting Suite, easy document and report creation using existing workflows, and highly reliable infrastructure with 99.99% uptime. We strive to provide you with the tools and resources necessary to thrive in the ever-changing insurance landscape.
To embark on this exciting journey with SchemeServe, reach out to us today. Let us demonstrate how our platform can transform your insurance operations, automate processes, and provide the exceptional service that your clients expect. Together, we can embrace the future of insurance and drive success in 2023 and beyond.
Revolutionise insurance operations
As the insurance industry embraces the digital era, insurtech trends in 2023 are set to revolutionise the way brokers and MGAs operate. By leveraging the power of ChatGPT, embracing AI and automation, and partnering with innovative platforms like SchemeServe, insurance professionals can unlock new levels of efficiency, personalisation, and success.
In this dynamic landscape, SchemeServe stands as a trusted partner with its tailored solutions, UK market focus, and Obsessive Support. As the insurance industry moves forward, now is the time to seize the opportunities presented by insurtech trends and embark on a transformative journey with SchemeServe. Embrace the future of insurance and unlock your full potential in 2023 and beyond.