The "modular" service will be one of the most preferred service for the customers as the aftereffects of COVID-19 will continue to shake up the insurance industry. For auto insurers, this could translate into policies based on the actual mileage driven as opposed to the number of drivers, or even discounts for drivers that participate in ridesharing programs.
As insurers have difficulty visualizing how applications to intelligently process or integrate real-time data can become a revenue-generating engine for them, such as in the case of personalized services that meet customers' immediate needs, personalization will become the new normal for insurance.
Insurers will finally see the AI pie in the sky. AI will also become an efficient technology in the insurance industry, and will help the insurers in detecting and analyzing accidents, assessing damages and better understanding customer expectations based on their current or past scenarios.
Consumer trends in insurance - keeping it closer to home. Insurers will take care that after the Covid-19 experience to adjust their products and policies to be more focused and specific so that customers need to be covered and to keep them closer to home.
The claim costs for car damages have raised, but using AI technologies, insurers will bring claims closer to the Point of Care to save on costs. Using the capabilities of the AI, claims departments can become more proactive and save on their claim costs the minute an incident occurs - without having to wait for the policyholder to initiate the engagement.
InsurTech growth will continue unabated. InsurTech is only just beginning to take hold and more pieces of the industry will be disrupted in the coming year. If past years saw new business models take hold of the insurance industry and disrupt the course of business, in 2021, there will continue to be a surge of new InsurTech companies that are putting data, AI and machine learning to good use.
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