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Most insurance companies understand that the industry has a looming obstacle to overcome, but they are not doing anything to prepare for this shift. A perfect combination of technology and data certainly has the potential to revolutionize insurance. In the coming years, leaders in insurance will lean on technology like bots and AI to help the industry flourish. Because insurance already involves so many algorithms, underwriting will soon reach levels of precision that were hard to imagine only a few years ago.

The insurance industry has offered more uncertainty than peace of mind in years past, but innovation and digitization have the power to change that. Regardless of how this change happens, future insurance industry disruption will revolve around customers. You can read more of my predictions for the insurance industry, including the potential impacts of “insurtech,” and other emerging technology trends, on Insurance Thought Leadership’s website – Read the full article here.