Non-life insurers have continued to focus on improving policy administration and underwriting functions through continued investment in overhauling policy administration, increased adoption of geographic information systems, and increased focus on leveraging underwriting workbenches. These trends were covered in detail last year and remain relevant. However, during the course of this year another major trend emerged: increased adoption of technologies to support product development and delivery such as telematics, gamification, and product configurators.
With complex emerging risks such as growing competition, rising costs, and changing customer preferences, insurers are forced to adopt innovative ways to maintain a competitive edge. Innovation can be applied to product, process, organisation, or marketing. Currently, product innovation through the use of the latest technologies has become the fastest emerging trend. Insurers are now focusing on developing innovative products to improve policy administration and underwriting. This growing demand for new technologies has resulted in a digital transformation in the insurance industry.