Predicting risk
All these technologies have generated a huge and continuous stream of connections and information that allows insurance companies to analyze our parameters related to health, driving, travel, home maintenance, and so on. Thanks to the predictive analysis offered by big data, for example, companies can warn us or give us advice about our habits to guarantee our health and well-being.
A global phenomenon
The truth is that this phenomenon is here to stay since, on the one hand, as revealed in a report prepared by UNESPA in 2023, “Digitalization in the insurance sector has enabled the development of new innovative products, established new channels of interaction with customers and suppliers, and developed a complementary sector at the service of all the operators involved in the insurance industry”. This is a phenomenon that is not only limited to Spain. According to the Insurtech Global Outlook 2022 Report, prepared by the consulting firm NTT Data, this market has been experiencing steady growth in recent years, reaching more than $10.1 billion in investments globally in 2021, representing a 38% increase over the previous year.
A career opportunity
This growth has a knock-on effect in terms of professional careers. IT, data, digital marketing, digital business and financial analysts; nowadays, digital profiles are the most sought after by insurance companies and there is an excellent opportunity for development in the insurance sector.
Cost reduction
And it is not surprising that this trend is not slowing down, especially in an international context of inflation. The relationship between the policyholder and the insurance company is no longer limited to providing assistance when a claim occurs. Now, insurance companies can support users and advise you on, or even warn you about, the risks in your day-to-day life to avoid any mishaps. A consequence of minimizing risks is that prevention allows these companies to reduce their costs, so that the final price for the customer can also be reduced. As a result, these innovative solutions can effectively help to meet the economic challenges of the present.
