Expert view: 2024 the year of innovation 


 Insurance experts set to join ILC’s ClaimsTech – The Pitch 2024 have shared their insights regarding the challenges facing the sector during the year ahead, and what technologies and innovations they hope to see at this year’s event. 

Among the expert panel at this year’s event is Andrew Eade, Head of AD Strategy & Fulfilment at First Central, has now identified a number of opportunities within the industry this year, primarily based around technology. 

He said businesses could improve efficiencies and profitability by considering the benefits of advanced analytics and AI, telematics and IOT integration, as well as digital transformation strategies. He also suggested that better use of technology would enable insurers to gain a competitive advantage by introducing more personalised policies. 

In terms of challenges, he expressed concerns around increased vehicle complexity and a lack of skills to manage modern vehicles, as well as aftermarket capacity to handle such vehicles. 

Ongoing shipping issues could also continue to disrupt the supply of spare parts, with all stakeholders feeling the knock-on effects of increased costs. 

As the industry continues to digitalise, with services and processes moving online, he suggested cybersecurity would be a growing concern, alongside regulatory changes around data privacy. 

Amidst this, consumer expectations continue to rise and businesses need to deliver improved services or risk both a loss of customers and a lack of Consumer Duty compliance. 

Plans for 2024’s ClaimsTech – The Pitch are now well underway – see here for the latest

The inaugural ClaimsTech – The Pitch 2023 saw six tech innovators showcase their technologies to a panel of insurance sector experts, with Shift being named overall winner of the ‘Insurance Experts and Investors Award’ from a shortlist including Clearspeed, NuvaLaw, Sprout.ai, SLVRCLD and Yarowa. 

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