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New technology shaping industry change, says GlobalData

The advancement of new technologies is further pushing a digital transformation in how the insurance industry operates, analyst GlobalData says.

Improvements in technologies such as artificial intelligence, biometrics, and data gathering products are said to have a newfound impact on the continuing digitisation of the industry.

GlobalData senior disruptive tech analyst Abhishek Paul Choudhury says the evolution of these technologies has allowed insurers to incorporate them into more parts of their services.

“Emerging technologies are increasingly becoming crucial to the digitalisation of insurance services to better manage risk, automate claims, and enrich customer experiences,” Mr Choudhury said.

French reinsurer SCOR’s biometric cardiovascular risk calculator was highlighted as part of the new wave of technology used in the industry.

The technology uses automated algorithms analysing numerous data sets to provide a detailed cardiovascular risk assessment and better pricing decisions for the insurer.

The report highlights numerous examples of insurers worldwide incorporating emerging technologies in their service and prompts insurers to be mindful of the trend.

“While nobody can forecast exactly what the insurance sector might look like in the future, insurers must get smart on emerging tech-based trends,” Mr Choudhury said.

“They must start formulating and implementing comprehensive data strategy to develop engaging services, generate insights, streamline processes, and lower costs.”