Rapid digitization and changing customer demographics are putting immense pressure on the insurers today and making them rethink the way they run the insurance industry. Millennials, who are the true digital generation, have already taken over the baby boomers and now make up a quarter of the UK population as per the Inkling Millenial Report 2015. Almost 20% of millennials say they would buy insurance from Google since they are easier to reach as per a recent IBM Institute of Business Value study (read more here). How is then the insurance industry adapting to the cultural change with the new millennial buyer and getting ready for the next big disruption in the market? From changing the business model to adapting to the constantly evolving regulatory compliance and data security, disruptive InsurTech players and changing customer expectations, the insurance industry clearly experiences a growing appetite and need to innovate and remain relevant for future generations.
The global insurance market is experiencing a metamorphosis to'digital-first' business models that may unlock new worth value billions of greenbacks Collaboration between ancient insurance and InsurTech companies can bring about to newer models and revenue streams, higher profitableness and reduced operational price. Artificial Intelligence (AI) plays a vital role in reworking the insurance business. Today, with the increasing quality of wearable devices, IoT, and sensible mobile apps, insurance organizations ar capable of optimizing advanced insurance selections and investigations. Intelligent tools and applications utilized by the insurance shoppers change insurance suppliers to access the dear data of their customers' health and provide custom-made insurance policies. In recent years, AI-based tending tools and applications have speedily optimized and hyperbolic the potency of insurance organizations across the world.
Technology is increasingly changing the way insurers operate. FREMONT, CA: The insurance industry is modernizing itself by equipping its arsenal with a large array of innovations. Technology has been transforming almost every dimension in the world, and insurance is certainly not an exception. The expectations of insurance customers are evolving continuously. In addition to this, the requirements of the high tech infrastructure and the operational ecosystem are also shifting in accordance with the modern days and demands.
The insurance industry is not the only focus of the Madison, Wisconsin-based startup accelerator, gener8tor, but insurance is its oldest and largest operational sector. Founded in 2012 by attorneys Troy Vosseller and Joe Kirgues, gener8tor seeks out startups from around the world and from diverse industries to participate in its programs. Initiated in Milwaukee and Madison, Wis., the company expanded to Minneapolis, Minn., last year and in 2018 will move into Cincinnati, Ohio. On average, five startups are selected to go through each accelerator program. "We make a cash investment in exchange for a small portion of equity in those startups," Vosseller said.
Internet and technology make it easier for businesses to develop and reach a larger range of their target market. The internet has truly become the backbone of business in the 21st century and is almost impossible to ignore. Although, as technology develops, so do cyber risks such as AI cyber-attacks. Cyber-attacks are getting more innovative and very common in the business world, from phishing emails, ransomware attacks and now deepfake AI cyber-attacks. Artificial intelligence(AI) is now programmed in almost all devices, with functions like advancing camera quality, face recognition and virtual assistants.