INSURANCE
InsurTech
Trends 2022 - Digital Transformation , Blockchain , and Web 3
“DISINTERMEDIATION OF INSURANCE IS A TREND THAT HAS SLOWLY BEEN BUILDING MOMENTUM FOR A WHILE ”
STEPHEN DARRAH FUELLED
He adds , “ Precisely ’ s methodology of organising data to a unique and persistent location key , along with providing thousands of location-based attributes already preprocessed for every location , has made us a natural fit in this new era of analytics .”
Technology and automation Managing Big Data is the second half of the equation . By 2024 , reports suggest that 70 % of the global insurance industry will have adopted automation technologies . The transition requires a lot of investment , but results in insurance companies becoming more profitable in the long term .
Steven Darrah , founder and CEO of Fuelled , explains , “ Disintermediation of insurance is a trend that has slowly been building momentum for a while . Most associate disintermediation to be the removal of brokers from the value chain , but even trimming underwriting departments can be seen removing the middle-person nowadays .
“ With the rise of new technologies , it ’ s easier than ever to increase profitability – it ’ s just taken the insurance industry a
46 March 2022