Insurance Challenges and Digitalization in 2022

By: Lotfi Al-Sarori

As the whole world was on the precipice of the COVID crisis and its effects, a lot of remarkable impacts were registered in business history as a whole. This impact can also be seen in the insurance industry as the pandemic had its toll on this key sector. Insurance businesses worldwide faced many challenges during the pandemic.

In this article, we focus on three main challenges facing the insurance industry in 2022. The first one has to do with the direct impact of the pandemic itself while the other two relate to how the pandemic created or intensified the need for workforce expansion and better cybersecurity.

The 3 main pillars of Insurance Management Automation

By: Omar Abdul-Hafiz

It’s a well-known fact that the race toward digital transformation continues to intensify across all facets of business, and the Insurtech market is not an exception. According to recent statistics, the Insurtech market is expected to garner a whopping $158.99 billion by 2030 at a CAGR of 32.7% during the forecast period of 2021-2030!

What this tells us is that there is a rising trend toward digitalization and automation in the insurance industry worldwide. The driving forces behind this trend include the race toward providing customer-centric services, as well as finding more effective methods for fraud detection. All these factors make Insurtech the go-to solution for much of the rising challenges in the insurance industry.

In this article, we shall shed the light on 3 of the core elements of an Insurance management system. Although we touched upon these three core elements briefly in an article last year, it would be useful to shed the light on them in some more detail here.

So, here we go.

 

Top insurance risks to watch for in 2021

By: Cesilia Faustina

The insurance sector has experienced its fair share of hardships since the rise of the COVID-19 pandemic. According to S&P, reinsurers stated about $12 billion in COVID-19 loses in the first six months of 2020. HSBC had also reported that COVID-19 claims had increased three times during the second quarter of 2020, from $6 billion to $20 billion, many of which came from the property and casualty sector. That said, such losses are to be expected for the insurance sector during a pandemic and (re)insurers are generally prepared for loss events. Overall, the insurance sector has fought resiliently despite the challenges of the pandemic, of course, financial losses will need time to work themselves out and insurance specific efforts will be needed to support this recovery. With many of the financial markets recovering though, we can only expect greater rehabilitation plans for this sector in 2021.

The many handy applications of Web Portals, Part IV: Insurance

By: Lotfi Alsarori

The insurance industry is increasingly taking full advantage of information technologies to enable digital transformation. Insurance providers, whether they are in the life or non-life insurance business lines, are already benefiting from using business systems, such as claims management and policy administration (PAS) systems. Insurance digitalization also entails providing access of certain system functionalities to external stakeholders. Whether they are customers, partners, agents, or brokers, providing access to relevant information and providing extended services can be particularly valuable to the insurance organization. This is where web portals come into play. 

Insurtech: understanding the impacts of insurance automation

By: Lotfi AlSarori

Insurance companies, just like all businesses in the information age, rely heavily on information systems. Whether it is to automate underwriting and claim processing or keep track of their financial transactions, business software brings a lot of benefits to this important financial sector. Business systems are made to facilitate the work of organizations and make them more productive saving them time, cost, and effort. Insurance companies are no exception. 

While Fintech describes the use of technology in the financial services, Insurtech is the intersection of technology in a specific financial services sector, insurance. According to Investopedia: “Insurtech refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model.” 

Hot topics in the Insurance industry 2020 and what to expect for the near future

 By: Omar Abdulhafiz

The year 2020 was certainly full of challenges the magnitude of which is rarely witnessed in the business world as a whole, let alone the insurance sector. With the COVID-19 pandemic as the leading factor behind the worldwide pandemonium, insurers have found themselves in a race against time to adapt to a completely new reality before it is too late.

Amidst all these challenges and turbulence, market experts are working to map out the main critical trends that have grasped insurers’ attention. Most notably, statistics show that customer satisfaction was perhaps the most trending concern among insurance providers. This article touches upon this issue, among several others, in some detail.

Top trends to watch out for in the reinsurance brokerage industry

By: Cesilia Faustina

Many broker companies are looking for new solutions in trying to fulfil customer demands. Brokers are now looking for a more connected experience amongst brokers, customers and reinsurers. This need is leading to a digital ecosystem amongst the reinsurance brokerage industry where workflow operations can be conducted on a much more productive level.

The reinsurance market is valued at 254.9 billion USD in 2018 and is expected to reach 299.500 billion USD by the end of 2024, according to the Market Study Report. As we can see, the reinsurance industry is most likely not going to slow down and more brokers are looking to enhance their process.

Those that can adapt to the changing times of digitalization will surely come ahead compared to those unwilling to adapt. This is why it is important to talk about some of the digital trends popping up for reinsurance brokers.

Everything you need to know about digitalized general insurance

By: Cesilia Faustina

New technologies are revolutionizing the insurance sector as we know it. Digital transformation is now an integral part of change. As an industry with greater demands and changing customer expectations, it is crucial for insurance companies to take part in this disruption, or risk letting their competitors come to them.

Technology has seeped into every element of insurance. It can no longer be seen as a simple support tool to help businesses, it should now be a standard in the way insurance companies conduct their operations. Technological developments have affected the way most industries operate and that said, this is why everybody needs to be aware of digital insurance.

Obviously, this applies to all insurance industries, but we are going to focus on one of the most common insurance out there, general insurance. So here is everything you need to know about digitalized general insurance.