US Insurance Industry Predictions 2023 : Era of Startup-Led Digital Transformation Draws to a Close but Growth Set to Continue
Dublin, April 03, 2023 (GLOBE NEWSWIRE) — The “US 2023 Predictions: What to Expect in the Year Ahead. No Insurance Digital Slowdown Predicted in 2023” report has been added to ResearchAndMarkets.com’s offering.
Was it fun while it lasted or is the real fun just beginning? That’s the question on the insurance industry’s mind as it enters 2023.
The insurance industry’s startup-driven digital transformation era is about to end, and another will take its place, led by carriers that are looking to implement the advanced capabilities forged in that initial crucible. The percentage of carriers looking to invest in insurtech is down from one-third in 2022 to one-tenth in 2023.
A variety of economic headwinds are taking aim at the insurance industry and carriers are about evenly split on whether a potential recession or continuingly stubborn inflation is the biggest risk factor to their bottom lines. But insurers have operated in a near-constant crisis mode since the COVID-19 pandemic seized the globe in early 2020. The pandemic already spurred a lot of the digital transformation needed for the next era of insurance, on both the workforce and customer side.
That’s probably why few in the industry predict any sort of reduction in digital spending in this new era. And insurtech is surely not dead – many of the startup companies that proliferated across the industry in the past half-decade are emerging in a position to be partners, or even peers, to carriers as they take the reins. But the measure of success in the insurtech industry is moving from the size of a company’s last funding round to customers’ affinity for its latest launch, as carriers continue holding a laser focus on user experience and friendliness.
After all, the economic conditions battering companies will equally impact customers – if not more so. Insurers expect policyholders to continue their quests to find the best coverage for their stretched dollars, favoring companies that strike the correct balance between digital convenience and personal curation.
Key Topics Covered:
- Introduction
- Key findings
- About this report
- Research methodology
- The recession question
- Plans for tech spending
- Venture capital and insurtechs
- What’s left to transform?
- The customer still rules all
- Conclusions
For more information about this report visit https://www.researchandmarkets.com/r/s5okjk
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