Insurtech has been witnessing rapid growth in the recent past. The year 2022 was significant as the sector struggled to overcome the impacts of covid-19. Besides, the industry was driven by a range of technological trends. One of the most noteworthy trends in 2022 is the increased focus on data. For today’s insurtech, data is not merely an essential aspect of underwriting but crucial to ensure insurtech is headed the right way.
The industry is familiar with realizing the importance of sorting and securing data. However, the data has become an integral part of the 2022 insurtech sector. In addition, the year has witnessed the emergence of different data types. As a result, data security was approached strategically, and more investments flowed in.
“Insurers are getting much more granular when it comes to focusing on the business outcomes they expect from adopting new technology. There is also a clearly defined shift with respect to faster technology projects that might be more incremental but show measurable ROI,” says Eileen Potter, VP of insurance marketing at Smart Communications. Data security remained a core concept amidst the struggle to extend excellent services tackling the covid-19 impacts and an altering economy.
Furthermore, with respect to data, using additional enrichment data via third parties has remained a constant feature of 2022.
Data integration is a technological trend. Accurate and straightforward integration of third-party data into the insurer systems and insurtech is inevitable for enhancing the accuracy and quality of data.