At the 2022 NAMIC Annual Convention, AAIS interviewed Jarus Technologies Vice President Bala Kumar and he discussed key trends that will be important for insurers to prioritize moving into 2023.
One trend included being “agile”, explaining that people want to create innovative products quickly, while still adapting to market conditions, and ultimately launch their products into the marketplace in an “agile” manner. He also focused on the influx of insurers offering products packaged together in a flexible manner, or “bundling”. Digitalization was also a key trend mentioned to look out for, and that it has different meanings for different consumers. Lastly, Kumar identified the importance of data, explaining “we are in a time where insurers and individuals are looking to discover what data is, what it means, and how to leverage open standards so that data is beneficially used and delt with.”
Kumar also discussed the important shifts in the industry following the pandemic, including consumers taking advantage of new technology especially with workplaces shifting cultures to hybrid or remote work. “The marketplace is shifting also due to inflation and another economic factors,” Kumar shared, explaining that “insurers who stop and think things through and strategize will come out as winners going forward.”
To view the full interview, please click on the video above.