Funding in Insurtech industry to cross $1 billion in next 12 months: TDF-Perfios joint report

Emerging Trends in the Insurance Industry

A recent report from TDF and Perfios highlights important changes that are shaping the future of the insurance landscape. With funding in the insurtech sector expected to exceed $1 billion in the coming year, the emphasis is on building inclusive and technology-driven insurance models.

The Role of Embedded Insurance and Technology

One of the key insights from the report is the growth of embedded insurance. This model integrates insurance products seamlessly into customer experiences, making coverage more accessible. Additionally, advancements in artificial intelligence and cloud-first technologies are becoming critical components for insurers aiming to enhance their services.

Changing Skill Set Requirements

The report also points out how the workforce in the insurance industry will need to adapt. As the traditional agent-led model shifts towards a platform-driven and customer-focused ecosystem, there's a growing demand for new skills. This transformation indicates that employees will need to embrace technology and data-driven solutions to meet changing customer expectations.

A Shift Toward a Modular Ecosystem

Moreover, the industry is making a significant move away from its conventional structures. Insurers are expected to transition towards more modular systems, allowing for greater flexibility in product offerings. This shift not only enhances customer experience but also encourages innovation across the sector.

Conclusion

Overall, the insights from TDF and Perfios underline an ongoing evolution in the insurance industry, emphasizing the importance of technology and a customer-first approach. As these trends continue to develop, both industry professionals and customers alike will need to adapt to this new landscape.

Original Source: https://cxotoday.com/press-release/funding-in-insurtech-industry-to-cross-1-billion-in-next-12-months-tdf-perfios-joint-report/