Top Insurance Predictions in Asia/Pacific for 2024 and Beyond Revealed by IDC

IDC has recently released its predictions for the insurance industry in Asia/Pacific for 2024 and beyond, focusing on the integration of artificial intelligence and synthetic data to drive fairness, compliance, and innovation within the sector. With regulations surrounding AI algorithms, insurers are expected to utilize synthetic data to ensure fairness and transparency in their operations.

The use of generative AI-based tools is predicted to lead to a spike in distribution sales volume and sales ROI by delivering personalized engagement at scale. Additionally, insurtech market consolidation is expected to drive outcome-based pricing adoption, enhancing value-driven partnerships and efficiency.

Furthermore, insurers are increasing investments in external app development services to bolster digitalization and revenue streams. Various innovations such as embedded payments in property and casualty insurance, collaboration between health insurers and telehealth providers, and the adoption of sovereign public cloud solutions are reshaping the insurance landscape in the region.

In the Asia/Pacific auto insurance market, insurers are planning to increase their investment in trusted data exchange technologies to become preferred partners for Original Equipment Manufacturers (OEMs) in bundling insurance with vehicles. This strategic move aims to increase auto coverage revenues and IP monetization.

Overall, the integration of AI and emerging technologies like trusted data exchange and digital twins promises significant advancements in the insurance industry, improving customer experiences and reducing operational costs. As AI becomes more prevalent, businesses are leveraging its capabilities to innovate and stay competitive in the rapidly changing landscape.