ai-personalization-and-telematics-will-redefine-insurance

Like most sectors that have seen consumer adoption of digital technologies accelerate since the pandemic, the insurance industry is undergoing a major transformation, with new technologies and business models making it possible for insurers to offer highly flexible and personalized coverage. For an industry that has historically moved slow in adopting technology, 2023 promises to be a challenging year for insurers – but one that will make a tremendous impact on their relationship with customers. In the next decade, the insurance industry as we know it will be unrecognizable. Cars, homes, and individuals will all be insured within highly flexible insurance programs as a matter of course. These programs will include sophisticated mechanisms to dynamically and automatically adjust coverage, ensuring that it is optimal and personalized at any given moment.