The insurance sector is very unique across many dimensions. It is an industry bound by strict regulations, rigid data privacy and a stable, 'if it ain't broke, don't fix it' perspective, that calls for risk management and overall caution first. Compared to more unrestrained sectors, the insurance industry requires a well thought out approach to digital transformation with proven, established methodologies. Yet, almost overnight, the world has changed. First the pandemic, and now the conflict in Ukraine have created global uncertainty and upheaval. Many countries are staring into the abyss of recession, with interest rates and the cost of living rapidly increasing.

Though insurtechs are recognized as a disruptive force in a long-established industry, less is known about the actual technologies these companies are using to differentiate themselves from traditional competitors. The application of emerging technologies like artificial intelligence, machine learning, analytics, wearables and more, has enabled insurtechs to be years ahead of traditional insurers in many ways--including the ability to provide automated, digital solutions to end-users, more accurate pricing and underwriting, and even assist in creating healthier people and safer workplaces. As new technologies are utilized, insurtechs will continue to innovate and create efficiencies within the industry that never existed before. While I'm excited about many of the different technologies insurtechs are working with or beginning to experiment with, these are three key tech trends I believe have potential for incredible disruption in 2022 and in the years to come. ML laid the groundwork for the industry's ability to improve algorithms, while AI is enabling faster and more precise pricing and underwriting.

The global insurance market is experiencing a technological shift. Digital-first business models are the product of traditional insurance companies and insurtech companies collaborating more than ever, testing new business models and revenue streams fueled by new technology. Most importantly, emerging technology trends can reduce operational costs by preventing fraud and automating services, thereby freeing up insurance agents to acquire and maintain business. It is a brave new world, but it's not as scary as you may have thought it would be. Below are five of the top technology trends disrupting the insurance industry -- for the better.

Naked, South Africa's first end-to-end artificial intelligence-driven insurance platform, is building on its significant success in car insurance by bringing its next-generation insurance to the home insurance market. Customers can now get comprehensive, instant, and hassle-free cover for their home and the things they own through Naked's completely automated digital process. Naked offers customers a comprehensive set of short-term personal insurance products that are built on new generation technology and a fairer business model. In April 2018, Naked launched an award-winning* car insurance offering that uses automation to offer significant premium savings and higher levels of customer control over the insurance experience. Naked's comprehensive product range now includes home cover (building insurance up to R10 million) and contents insurance (up to R2.5 million).

The global insurance market is in the midst of a game-changing course correction that will re-define'business as usual.' A'digital first' urgency is sweeping across the landscape, driven by a new generation of consumers, data, automation and Artificial Intelligence (AI). Let's take a look at the current trends that are shaping the insurance industry and how digital technologies are driving irreversible change. The digital economy will make usage-based, on-demand and'all-in-one' insurance lifestyle products more relevant. Customers will prefer personalized insurance covers instead of the one-size-fits-all products currently available.

The optimal insurance company has three "employees": a computer, a dog and an actuary. The computer runs the insurance company, the actuary feeds the dog and the dog bites the actuary if they try to touch the computer. This joke has supposedly been making the rounds among insurtech companies, which are shaking up an industry that has traditionally been slow to adopt new technologies. Granted, you can easily compare quotes online these days. But there are still forms to fill in, policies to print out.

INSURANCE is an industry that hasn't really transformed for a very long time. We still buy the same kind of policies from the same types of companies through the same channels. Unlike the banking and financial services space, insurance hasn't been disrupted enough. But that's about to change. According to a new study by GlobalData, Artificial intelligence (AI) provides unprecedented opportunities for the insurance industry, and the changes it can bring about will transform insurers forever.

When food delivery services talk breathlessly about machine learning, feel free to roll your eyes: it's baked salmon they're dropping off, not Bayesian statistics. Insurance is another kettle of fish altogether. The birth of statistics is usually dated to 1662, when John Graunt calculated the probabilities of Londoners surviving to a given age. Lloyds of London started shortly thereafter, and advances in statistics and insurance have been inseparable ever since. But in recent years, supremacy in statistics has moved to Silicon Valley – a bad omen for the insurance establishment.