Insurance Technology: 20 Trends For 2022 (Insurance Thought Leadership )

Insurance Technology: 20 Trends For 2022

  Thursday, January 27th, 2022 Source: Insurance Thought Leadership

Here are the insurance technology trends, such as automated underwriting and virtual assistants, that will shape our industry in 2022.

1. Automated Underwriting Will Grow
The benefits of saving time and money have led to many insurers implementing automated underwriting. LIMRA says more than a quarter of U.S. life insurers have expanded their automated underwriting practices.

Now carriers are turning to software vendors that offer robotic process automation and AI to enable automated underwriting for group and voluntary benefits providers.

2. Ditto for Automated Claims
More than half of claims activities have already been replaced with automation, McKinsey found. Fully digital claims have reduced the average payment time by up to 5.5 days and assisted in achieving the highest satisfaction scores ever measured by the J.D. Power U.S. Property Claims Satisfaction Study.

Expect major investments in machine learning made in 2021 to accelerate back-end claims processing in 2022. Additionally, as insurers grow their partner ecosystems, application programming interfaces (APIs) will be increasingly deployed to smooth out the transaction and settle claims using third-party anti-fraud algorithms, databases and various machine learning applications.

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