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Insurtech in 2021: A journey of reinvention

What technology trends are the insurance industry embracing to be ready for the future?

By Steve Murphy | September 24, 2021 at 12:00 AM
Insurance executives rated above the global average on their prioritization of technology democratization, with almost all (91%) stating that technology democratization is becoming critical to their ability to ignite innovation across their organization. (Credit: ipopba/Adobe Stock) Insurance executives rated above the global average on their prioritization of technology democratization, with almost all (91%) stating that technology democratization is becoming critical to their ability to ignite innovation across their organization. (Credit: ipopba/Adobe Stock)

The pandemic has had a dramatic impact on the insurance industry, with 99% of insurance executives reporting that it created an unprecedented stress test for their organizations, according to Accenture research. It quickly exposed inflexible working arrangements and operations, fragile supply chains, poor data management and those not up to speed with evolving customer expectations.

Last year acted as a catalyst for rapid change, and insurers accelerated their digital transformations to meet the needs of a world in turmoil, compressing decade-long agendas into two- to three-year plans. Technology was a saving grace in an unpredictable time, enabling insurers to minimize the disruptions of the pandemic.

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