The future of insurance is here! With the rise of AI, predictive analytics, and chatbots combined with cutting-edge tech like drones, blockchain technology and IoT taking center stage - even the FBI has taken notice. Get ready for a revolution in how we use technology to secure our futures. Then came 2022, when insurers focused on pandemic recovery and meeting customer expectations for digitization and personalization. While adapting to the latest insurance technologies was a challenging experience for many carriers, those who did are selling more benefits faster and smarter than ever before. From underwriting and claims to the customer journey and distribution methods, here are the top insurance technology trends our team believes will be beneficial to carriers in 2023.

Then came 2021, when insurers focused on pandemic recovery and meeting customer expectations for digitization and personalization. While adapting to the latest insurance technologies was a challenging experience for many carriers, those who did are selling more benefits faster and smarter than ever before. From underwriting and claims to the customer journey and distribution methods, here are the top insurance technology trends our team believes will be beneficial to carriers in 2022. It was once common for insureds to undergo in-person evaluations in traditional underwriting. However, this proved a challenge during the pandemic, and many insurers had to embrace new underwriting methods. The goal of automated underwriting is to streamline information-gathering and reduce as many human touchpoints as possible. Automated underwriting uses tools and techniques like robotic process automation and artificial intelligence to import and correct data, assess risk and determine how much coverage a client should get and how much they should pay in premiums. It is important that automated underwriting programs incorporate an insurer's business rules, halting the process when human intervention is required. To this end, automated underwriting technology should enable granular configuration of roles and permissions. The benefits of saving time and money have led to many insurers implementing automated underwriting into their value chain.

Google is eager to invest in other insurance technology companies well beyond its newly announced minority stake in Applied Systems, a principal investor with the global search engine giant said on Oct. 17. "We really like the market," said Jesse Wedler, a principal with CapitalG, the growth equity investment fund of Google's parent Alphabet. "We will definitely be looking for additional investments in the insurance technology space." Wedler, speaking during a second conference call held to discuss CapitalG's new investment in Applied, said he didn't want to define the scope of CapitalG's insurance technology investment search "too narrowly." However, he said the search would be for other businesses like Applied, ones "that add insurance technology to the market."

Have you ever tried to check your insurance claim status? It often requires several calls, some emails, or even visiting an agent to get claim status details. Lack of web presence equals lower customer satisfaction. Today, nearly 61 percent of customers prefer to monitor their application status with digital tools. While some insurance carriers have made significant modifications courtesy of disruptive digitalization (we've already discussed this topic in our whitepaper), most companies trail behind. And the chasm between modern insurtech agencies and traditional ones is deepening. The disruption caused by Haven Life is a prime example.