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Year in review: How 2023’s trends shaped insurance industry growth

Dec 4, 2023 | Admin, Financial Services, Latest News

If there’s one year-defining buzzword every industry can relate to, it would have to be AI. Artificial intelligence and its fast-approaching feasibility for many businesses took over many conversations and initiatives this year, and we’ve seen numerous organizations—especially in insurance—investigate the potentials of generative AI and AI decisioning in their operations. But what happens next is perhaps more telling: we realize we have to do more to our data management and CX practices to be truly prime and ready for AI. 

For insurance in 2023, we’ve been following these trends: customer experience advancements, efficient operations, and the heavy pursuit of low-code or no-code solutions. It’s clear looking back at the year that all of these trends (and more) would benefit from AI–but is the data ready? Let’s take a look at how these trends have evolved over the year and what’s still needed to fully realize the benefits of each.


Elevated customer experience

Customer experience in insurance can be summed up with a two-word phrase: digital trust. More than ever, 2023 was the year of seeing customers expect more digitally seamless and trustworthy processes from their insurance providers. Fostering this digital trust in your organization means prioritizing the technologies and operations that make customer interactions easier, intuitive, and sleek. As Daisy Ning, Swiss Re head of L&H Reinsurance APAC ex. China, says, “Digital trust plays a pivotal role in the insurance industry…It’s vital for securely handling sensitive data, maintaining compliance, and fostering enduring customer relationships.” Perhaps more than any other industry, customers must feel an inherent trust in the digital processes they leverage with financial services—especially their insurance coverage. Throughout 2023 we saw insurers pivot to more customer-centric technologies and explore AI tools to ramp up CX-focused initiatives. 


Increased operational efficiency

Speaking of AI, another top priority for insurance in 2023 has been improving productivity and efficiency throughout operations. Whether it’s claims processing and underwriting or call center routing and expense management, operations throughout all of insurance can benefit from improved data management in preparation for the imminent AI boom. Leaders in the European insurance space are bracing for the operational changes gen AI will bring as it radically transforms productivity by allocating funds for gen AI expenditures and initiatives. Again, Simplus still recommends modernizing what you have and use currently before adding new innovations into the mix. Most importantly, it’s time to harness your data management practices and train employees for the new set of skills they’ll need in an AI environment. 


Low-code/no-code solutions

To store, analyze, and leverage all this data, insurers are seeking dynamic solutions that minimize the amount of code they’ll need to navigate for data management in 2023 and beyond. At Simplus, we know Salesforce is the utmost qualified solution to manage not only customer relationships but the data that comes with them. You can minimize code, prioritize tasks, build out rich customer profiles with automated alerts and notifications regarding coverage changes, and much more. It’s a platform designed for growth, security, and a Customer 360 view always. Leveraging a low-code or no-code solution like Salesforce can make your insurance business more agile, lower operational costs, and improve your speed to market with new coverage offerings—all while also proactively preparing your customer data for an AI future.  

Simplus is ready to prepare your data management practices for the AI boom. Let’s talk about modernizing, digitizing, and paving the way for incredible innovations in insurance together. 



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