Top trends that will shape the insurance sector in the next decade

DURBAN - Across the globe, trends in technology, economics and socioeconomics are culminating to disrupt the way entire industries operate and deliver products and services to consumers. When it comes to the impact of technology, there is no industry riper for disruption than the financial services sector, including insurance, which for the longest time remained trapped in outdated product development and delivery models. That has changed, and today we're seeing the pace of change and meaningful innovation in the insurance sector escalating. Not only is the existing insurance model from advice, underwriting, onboarding, risk management, servicing, and claims processing being turned on its head, but new product solutions are now possible for market sectors that have been entirely underserved and marginalised by the formal economy. Until now, most innovation in the insurance sector has been internally focused with little direct value to the customer.