Insurance News: 2023 in review

As we bid farewell to 2023 in this final Insurance News Analysis of the year, we are happy to welcome Cory McAnelly, Assistant Vice President of Enterprise Innovation Strategy at Principal, to delve into what made the headlines this year.

We discussed how generative AI is an evolution of the AI and data analytics space, and particularly zoned in on the legal aspects of it. Looking ahead to 2024, the industry is expected to witness a continued acceleration in the adoption of generative AI, both in terms of technological advancements and operational implementation.

2023 marked the hottest year on record and insurers are grappling with the unpredictability of claims due to climate-related anomalies. As such, they are adapting their risk management strategies, considering the likes of coverage limitations, new models, and investments in sustainability-focused companies, whilst keeping an eye on the emergence of new players in this area.

Travel is back—not just due to the holidays. Insurance Business expects the travel insurance market to hit more than $40 billion in 2027, growing at a CAGR of 16%. The industry has an opportunity to innovate by leveraging external data and technology to provide proactive and personalized coverage. By notifying customers about flight cancellations, suggesting nearby hotels, and enhancing the overall travel experience, insurers can differentiate themselves in a competitive market.

The insurance industry has taken a cautious approach towards cryptocurrencies and non-fungible tokens (NFTs) which now appears wise considering crypto seems to be a high-risk investment and one the FDIC does not insure.

Now what would the holidays be without a few reindeer games? See our guest Cory McAnelly put it up to his mentor Bruce Hentschel, who featured in our November edition, to get more video views. Nothing like a dose of healthy competition to round out the year.

Insurance Consumer Study: See the people behind the policies: Insurers need a profound understanding of the people behind the policies so they can be ready with solutions that fit each unique risk profile and create a protection ecosystem.

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