Insurtech Leaders Forecast a Tech-Driven 2024 in Insurance

As we step into 2024, insurtech leaders offer insightful predictions about the insurance industry’s trajectory, emphasizing the integration of technology and human-centric approaches. Jacqueline Legrand, CEO of MAPTYCS, highlights the evolving nature of risk management, foreseeing a critical role for insurtech-insurer partnerships in harnessing AI and geospatial analytics for better risk control, especially in addressing severe weather and cyber threats.

Jonathan Jackson of Previsico foresees a year of synergistic collaborations among insurtechs, combining diverse offerings to enhance value for insurers, while Margeaux Giles from IRYS anticipates a shift towards more human-centric AI. She envisions AI as a tool for personalizing customer experiences and improving internal workflows, aligning with the industry’s need for talent attraction and retention.

Megan Bingham-Walker, CEO of Anansi, expects further innovation in embedded insurance, particularly in business contexts, leveraging vast risk data for product development. She also predicts that a focus on improving the claims journey will be a key differentiator among insurtechs, as they strive for sustainable profitability and customer retention.

Lastly, Andy Cohen of Snapsheet predicts changes in how insurers deploy technology, with the operationalization of AI becoming a primary differentiator. He anticipates a shift in investment towards new core platforms capable of integrating AI into complex workflows and decision-making processes.

These predictions paint a picture of an insurance industry increasingly shaped by technological advancements and a commitment to enhancing both the customer and employee experience, navigating macroeconomic challenges and the fast pace of change.