Technology and the Future of the Insurance Industry
Through advances in insurance technology (InsurTech), the risk management and insurance industry’s access to information has increased dramatically — as has our ability to analyze and use this information to our advantage.
To fully realize the potential of emerging technologies and big data, insurers will need to innovate and develop new practices. Looking at the emerging InsurTech revolution through a data lens, we should focus on three key areas:
Data capture — Including the Internet of Things (IoT) and the dramatic increase in the volume and variety of data now available
Data storage — Blockchain and other data storage systems
Data analytics — Gaining deep insight into data patterns and trends, aided greatly by advances in computer technology — specifically, machine learning
It is crucial that we work together to harness technology’s potential and ensure the successful future of our industry and its ability to serve society.
Interested in Learning More?
Pete Miller, CPCU, President and CEO of The Institutes, will be releasing articles, videos and other useful pieces of information to inform the risk management and insurance industry about some of the most important InsurTech trends.
Check out the resources available now below. To receive even more information on these topics, sign up using the form on the right side of this page!
InsurTech ArticlesInsurance Data and Technology: Challenges and Opportunities for Our Industry
Large-scale data collection is nothing new for the risk management and insurance industry. After all, insurers have been collecting vast amounts of data…
Harnessing the Power of Real-Time Data Analytics in Insurance
As insurers rush to find competitive advantages in big data, many are devoting considerable resources to predictive and prescriptive analytics and systems...
InsurTech Video Library
Check back soon for InsurTech videos on topics such as Internet of Things (IoT) and data storage!