This month’s look at the world of InsurTech research focuses on three distinct areas.

The first is the ongoing need for the insurance industry to catch up, determine where it is on the road to digital transformation and get on with finishing that journey. 

There is some good news for those who have yet to make any significant strides. One paper suggests that insurers not only can, but probably should, navigate the different waves of development at the same time, rather than seeing each as a hump on the journey.

Second is the practical effect digitalisation can have on processes. The North America healthcare system is currently drowning in a sea of paperwork. If you’re saying that there has to be a better way to run an industry, you’d be right – there is. Digitising the document process and creating a smoother transition will not only greatly improve administration and save money, but it will make diagnosis and treatment faster and more effective. Another paper looks at the eminent growth of on demand insurance, what it means for the industry and what insurers need to do to become a player in that market.

We also look at just how important partnership has become to the delivery of innovation in InsurTech.

Meanwhile, data privacy is not simply flavour of the month, but has become a major focus of regulatory authorities across jurisdictions around the globe. Insurers are advised to make this potential risk a major focus of their strategies if they are not to be caught out by the changing legal response to all providers.

Finally, there is AI, where we look at some of the opportunities and challenges AI presents society. There is also another fascinating paper from the European Commission on what is required for the regulatory and legislative frameworks in the EU to accommodate the application of AI within the transport sector.

Enjoy the edition!