The P&C insurance world really can't talk about digitalization and modernization in 2021 without addressing how the global pandemic changed business and society in general. The bottom line is that the pandemic propelled the use of and the need for digital tools. Insurance organizations that seamlessly maintained or transitioned operations to the digital space have thrived while those that struggled to get work done away from physical offices have languished. And so, while insurance as an industry has historically had a reputation for being slow to adopt or upgrade tech services, what we've seen in the last year or so is a tremendous push to do more digitally, and this is true across the insurance value chain, including such touchstone functions as policy quotes, binding and renewals, as well as insurance agency administration and claims management functions. Earlier this year, the Porch Group, which is a software as a service (SaaS) provider, released a report on the state of InsurTech in 2021. The slideshow above summarizes key findings from its report, which set out to qualify the rise of InsurTech and its impact on consumers. So what kinds of tools and services are really booming in the InsurTech space? According to Porch, these innovations include but aren't limited to: |

• Big data technologies helping insurers cope with the volume of claims;
• Machine learning algorithms used in detecting insurance fraud;
• Smart devices installed on cars to gather driving data and assess the risk of accident;
• Apps and Chatbots allowing customers to communicate with insurers directly, and
• Drone solutions used by property insurers to inspect properties and their sites.

Keep reading... |

• Instant Insights / 2021: Insurance trends and issues to watch
• 11 InsurTechs to watch in 2021
• How InsurTech will affect operations and claims in 2021