“The cloud will be the most influential technology.”

Insurers are already beginning to maximize this digital storage tool because it can be economical, scalable, flexible and secure.
(Photo: Fotolia)

“An automation rate of 70% is achievable.”

Technologists continue to be drivers of change in the insurance world.
(Photo: ipopba/Adobe Stock)

“Reporting and policy administration will be broadly automated.”

Digital natives have come to demand the speed and agility provided by automated services.
(Photo: Funtap/Adobe Stock)

There will still be a market for traditional and modular insurance products.

Longtime insurance professionals continue to report that many clients, while wanting more convenience and ease of doing business, will not make a major financial decision without some level of human contact.
(Photo: LongQuattro/Shutterstock)

When the international business advisory and software specialist Sollers Consulting first opened its doors 20 years ago, most people still purchased music on albums and CDs from a brick-and-mortar music store.

The complete transformation of the music business over the last two decades into one where fans can often listen to digital music at no or low cost, and artists make their money predominantly from live performances is an apt analogy for where the insurance industry is likely headed in the next decade.

To celebrate its 20th anniversary, Sollers Consulting recently released a report titled “The Future of Insurance: What will the insurance business look like in 2031?”

The report outlines the major technology trends impacting insurance, summarizes industry digitization successes and challenges in different parts of the world, and includes first-person interviews with Sollers Consulting founders Michał Trochimczuk and Marcin Pluta.

The slideshow above illustrates four predictions from Sollers Consulting about the future of insurance.

The specific technologies addressed in the report will come as little surprise to insurance pros who have been propelling the insurance industry forward in recent years. For instance, researchers look at the current and anticipated impact of the cloud, big data, DevOps, telematics, digital ecosystems and more.

“The industry has become much quicker and more process-oriented,” Trochimczuk says of the insurance world. “What used to be the domain of one actuary has become an organizational effort of many specialists and AI-powered analytical tools.”

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