2022: The Golden Age of Insurtech

Editorial Calendar Exclusive Content Editor's Choice 2022: The Golden Age of Insurtech Joanne Butleris head of product marketing and pre-sales atCharles Taylor InsureTech,a leading provider of insurance services, claims and technology solutions across the global insurance market, particularly in complex situations requiring specialist expertise. Butler, who also leads the CTI women in tech forum and is a speaker at D&I and product events, explains toThe Fintech Timeswhy she thinks it’s the ‘golden age of insurtech’. The world has changed immeasurably over the last two years, and I believe we are entering the golden age of insurtech.

The pandemic has meant that projects which previously took years to come to fruition were delivered in months, creating a real momentum and opportunity for digital transformation. With57 per cent of insurance CEOssaying tech-driven innovation is the biggest trend impacting them, we see opportunity for digital transformation in every area of insurance. The changing needs of the end customer now means they are more reliant on, and more fluent in using digital technology in every aspect of life, putting increasing pressure on all businesses to innovate.

Two thirds (62 per cent) of insurance CEOs are worried about changing customer expectations, which touches every part of the customer experience. Insurers and insureds can now access more data than ever to create efficiencies and help make smarter decisions that can have a huge impact on the bottom line. This is not just limited to the sales process, our global insurance clients are using digitalisation to create real efficiencies across the piece – an example of this is risk selection.

“Smart risk selection is not limited to the initial contract,” saysJennifer Hurst, sales director EMEA at Charles Taylor InsureTech. “An insured’s risk profile will change over their lifetime and insurers’ can now use digitalisation to ensure their