Insurtech trends for 2022
STRATEGY
Insurtech trends for 2022
More personalisation : Greater data collection and analysis will see more insurtechs and incumbents offering flexible , personalised services to customers .
Digital transformation is far from over : The insurance industry is lagging an estimated 20 years behind developments that have taken place in the fintech space . 2022 will see the accelerated transition to new technologies increase .
Diversification : More and more companies are recognising the value of digital services and products and are keen to provide insurance products and services .
Better investment : The investment slump of 2020 and 2021 will see an upsurge as the market continues to stabilise in 2022 .
existing online offering . Companies across Europe were looking for value-added services that would differentiate them from their competitors .
“ This , together with the fact that more people were buying goods for their home , meant that services that offered insurance on products as they were bought did particularly well .”
The demand for more flexible services is driven by an expectation for better-tailored products . And this demand can only be furnished by data , points out Fried .
“ What we may also see play out over the course of the next year is an increase in personalised insurance products . This is because consumers generally have higher expectations that companies tailor their services - due to trends like Open Banking - and there is simply more data available due to more and more of us living our lives online .”
88 November 2021