Many experts in the insurance industry already expected this year to be a bit of a spectacle, following the crazy events of 2020 that brought political unrest and the Coronavirus pandemic. The insurance market suffered along with many other industries over the last year. The insurance industry changed drastically after being thrown into chaos, and deviating from the normal expectations and predictions.
Now, we’ve been living in this pandemic-affected society for over a year. We’ve had sufficient time to make observations, and see what trends emerged or shifted due to the resulting lockdowns and events. Now, we can make some broad observations and predictions about major changes coming to the insurance industry. Here are some major phenomena to be on the lookout for in the insurance world during 2021.
BIG DATA
Big data and progressive developments in the data industry will bring major innovations to the insurance industry. In 2021, new technologies will make mining and data analysis easier and more effective.
These intelligent innovations will inform claims adjusters, underwriters, and shareholders in the industry better on best practices. Ultimately, customers will start to benefit from more accurate and fair premiums.
Fair and Personalized Premiums
As data and various operations improve throughout the industry, these trends will give insurance companies more of an incentive to drive down costs. Insurance companies may offer qualified policyholders plans and premiums specifically tailored to fit them.
AUTOMATION, AI, & MACHINE LEARNING
Recent developments in computer science – particularly with artificial intelligence and machine-learning, will also positively affect the insurance industry. Claims adjusters will have more accurate tools at the accident site. Enhanced GPS monitors will help companies gather and utilize data about their customers. There are also broader uses for the data, like mapping technologies.
The possibilities are a bit overwhelming, as mind-blowing revelations occur in the machine-learning and AI world almost daily. It’s hard to describe what could be possible even tomorrow, and how it will further affect the industry.
XR (EXTENDED REALITY)
Extended reality technology promises to bring new capabilities and benefits to insurance as well. This exciting technology uses video capture and 3D technology to assess and document damage. Soon, insurance adjusters may not need to go to the scene of an accident to assess damage or determine fault. With the stunning cameras on smartphones now, and the capabilities of some computer applications, it may soon be possible for claims adjusters to work from home or the office. Instead, customers could send important visual data from an in-app video recording system.
CYBERSECURITY
Cybersecurity has been a growing concern over the years for insurance companies and providers, and it is emerging as a top priority and concern. It’s important that the insurance industry continues to acknowledge the many issues with fraud, identity theft, and other major security issues. The prevalence of these crimes impact the affordability and quality of insurance negatively.
2021 Training
At 2021 Training we will help you understand nuances within the insurance industry, and set you up for a successful career. If you’re ready to take the first step in a insurance adjusting career, visit our website and start learning about the comprehensive online courses we offer. You can set your own pace to learn without disrupting your busy schedule. Experts with years of adjusting experience teach our courses to give you the best education and up-to-date insights into the insurance industry.