AI, Regtech, Personalization and Other Insurtech Trends that will Shape the Industry in 2020 - Global IQX

Over the last year, we saw a greater shift towards automation and AI applications to streamline insurance, including increased usage of augmented reality to support activities ranging from warning of risks, explaining insurance plans, estimating damages and increasing brand awareness. We also saw insurers starting to explore greater use of blockchain, the tech behind cryptocurrencies, to better support operations. With this came a greater emphasis on cybersecurity, with the expectation for more proactive and preventative measures. As we enter the next decade, we'll continue to see unprecedented growth in innovation in the Insurtech space, which has set up the industry for more market advancements in an increasingly complex environment. The Canadian insurance industry has been largely inert and less agile in the past, and it's this environment where Insurtech has made its mark.