The theme this month is Predictions 2025 of course, so here are some thoughts from Ashleigh Gwilliam, Director of Insurance Industry Growth at FullCircl.
2025 looks set to be a promising year for the Insurtech community, with huge advancements likely across a wide range of areas.
Exciting developments include IoT devices providing real time customer behaviour data for instant decision-making, refined risk modelling, responsive policy development and hyper-personalised experiences. Parametric insurance is also proving a particularly interesting area of development in terms the potential for more accurate pricing and payouts based on predefined indemnity triggers for faster claims management.
Generative AI can then help cost effectively analyse the massive amounts of customer data insurance businesses have at their disposal to find common themes and previously hidden behaviours that can help tailor products and improve retention rates. Combine this with enriched data from smart software integrations and they can take this a step further with the rapid development and distribution of new insurance products that address emerging risks and preferences, as well as improve underwriting submissions, and drive expansion into new or complimentary market segments and so on.
However, the key to good data is having it in the right place, or should I say in one place. This is perhaps where Insurtech has the potential to drive the biggest impact. The successful evolution of Insurtech in 2025 lies not in each solving a specific need or problem in unison, but in building a collaborative model whereby meaningful API-powered integrations between platforms build a modular ecosystem that leverages more opportunity from data to the benefit of the entire insurance market.
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