I asked Chatgpt for 20 Insurtech trends. Aside from screwing up the percentages adding up to greater than 100%, artificial intelligence seems to nail it again.
- Increase in usage-based insurance
- Growth in smart home technology
- Expansion of telematics for risk assessment
- Rise of on-demand insurance models
- Growing popularity of peer-to-peer insurance
- More personalized and tailored coverage options
- Increase in cyber insurance demand
- Emergence of blockchain technology in the industry
- Greater focus on sustainability and environmental impact
- Expansion of microinsurance in developing markets
- Consolidation of smaller insurance companies
- Increased use of artificial intelligence and machine learning
- Implementation of predictive analytics for risk assessment
- Shift towards gig economy and freelance work
- More stringent regulations and compliance measures
- Increase in natural disaster-related claims
- Growth of health and wellness programs
- Rising cost of healthcare and medical expenses
- Increased use of virtual reality for training and risk assessment
- Greater focus on customer experience and satisfaction
