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These Trends and Technologies Could Reshape the Insurance Industry

What tech and trends are worth keeping an eye on in the insurance industry? Read on for thoughts from several industry leaders on what to expect in the post-COVID future.

"It’s typically startups that get the credit for 'redefining the insurance experience' for consumers. Indeed, many young insurance tech companies use technology to simplify time-intensive and paperwork-heavy tasks, like acquiring homeowner’s insurance, filing claims and navigating healthcare options. But that doesn’t mean innovation in the industry is solely driven by up-and-comers. 

"Established industry names are also using technology to improve the customer experience. Although these companies are sometimes thought to be slower to adopt technology, a 2019 McKinsey report noted that life insurance and property and casualty insurers actually spent more than one quarter of their annual operating budgets on technology in 2017. 

"We asked leaders at New York Life, Arity (a startup founded by Allstate) and MassMutual which technologies and trends they’re keeping an eye on to serve their customers, and one theme emerged: they’re thinking well beyond COVID-19."

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