Seven Factors That Will Change Australia’s Insurance Industry by 2025
- changing market dynamics
- the data explosion
- greater specialisation and the rise of underwriting agencies
- new insurance roles
- a move from reactive to predictive claims modelling
- hyper-personalisation of insurance.
An analysis of the current Australian insurance market shows the industry is morphing, based on business and societal changes caused by the digital revolution. While many factors will impact future insurance transformation, these seven will be responsible for major industry change.