Author : Shariq Imam
Vice President - Sales (UK)

To be customer facing, engaging consultant with a keen ability to think strategically, listen to and understand clients' needs and concerns. Brand positioning, Company profiling for prospective clients. To offer solutions that has a deep impact on the clients business. Strong Domain Knowledge across European Market probing for client requirements within IT & Infrastructure Management Services.

Technology Trends Disrupting Insurance in The New Normal & Way Forward

Content with legacy models, insurance leaders appeared as late adopters of the digital boom that has resurfaced with digital transformation and evolution of disruptive digital technologies - led by artificial intelligence, data analytics, predictive modelling, blockchain, Internet Of Things, intelligent automation and machine learning. However, the need to meet the increasing demands of digital customers, challenges of delivering personalized customer experiences, new age tailor-made services and the spur of Insurtech companies are leading to dramatic changes that are reshaping the insurance industry.

Just as COVID-19 has forced insurers to adopt remote and digital ways of working, so it is undoubtedly set to drive a wider acceleration of technology adoption across the industry. This is a trend, of course, that has already been with us for some years: but the current situation will significantly expedite it.

-KPMG (COVID-19 puts insurers on the fast-track to technology adoption)

The need to be digital-first and customer-centric has swept the entire insurance landscape and the thrust towards digital transformation has been accelerated during the pandemic led lockdown. With so much at stake, global insurance market will witness a game-changing course correction to redraw the boundaries in the new normal and demarcate the contours of business-as-usual. New business strategies and focus are to be driven by new set of customer expectations, new market scenario, growth of insurtech firms, operational roadblocks, continued growth of data and new developments around Blockchain, AI, Analytics and automation.

Let's take a look at the top Insurance Technology Trends that are changing and will transform The industry in new normal.

Insurtech Partnerships To Become Imperative in the post COVID world

The new generation of digital-savvy customers (Millennial and Gen Z) have always been pushing businesses to transact, communicate and deliver through online channels and digital platforms but the new push for digital by the current pandemic is bound take the demands for digital delivery of services and support on a new high. It is here InsurTech companies have already taken the lead by designing and delivering user friendly, modern and powerful applications that offer seamless and intuitive digital experiences. These rising user-friendly firms have helped customers with dynamic or on demand policies and lower premiums which has led to significant growth of InsurTech firms in the areas of auto, home and cyber insurance.

Legacy Transformation in Insurance with low cost, low risk cloud-based systems in record time

All this calls for insurance leaders to capitalize on the gains of these firms by either acquiring the new innovations or partnering with these InsurTech companies. Such a collaboration will become imperative in times to come and will turn to be mutually beneficial for both Insurance leaders and new InsurTech firms as traditional insurers will find them accelerating towards the new tech culture and digital revolution and the InsurTech firms will find new access to funds, larger customer base and rich domain expertise. So, insurance leaders in near future will not see the InsurTech firms as threats but opportunities to grow in an evolving market scenario.

Connected Device, Data & Advanced Analytics

Data Analytics and predictive modelling has a huge potential for insurers to improve nearly every aspect of their business from risk assessment, premium calculations, claims assessments to claim settlements. Insurers are thus making significant investments in advanced analytics and this has been accelerated with the availability and abundance of data now sourced through Internet of Things (IoT), wearables, mobile applications, social media channels, drones and other connected devices.

Wearables are helping insurers with data that helps them to analyze the real-time movement, physical activity, monitor health and mortality risk profile. They are uncovering new insights on mortality risk of individuals and help insurers tailor life insurance premiums according to the risk and behavior of each individual. These wearables find high appeal amongst the Millennials who are tech-savvy and expect personalized experiences. Connected devices (IoT), drone and imaging technologies are helping insurers with data that can help them assess risk, ascertain damage and settle claims. With smart devices market to expand in the coming years, new streams of data will help insurers have deeper understanding of their customer risk profile, their own risk exposures, curate competitive premiums and identify growth opportunities. Incorporation of automation technologies, artificial intelligence and machine learning can help insurers to deliver at a faster speed, have a more granular view and at a much larger scale.

Blockchain Technology to Become Mainstream

Insurance sector has often been easy target for online frauds in the past. Blockchain with its ability to detect fraud and prevent risks helps insurers in optimizing efficiency, security and transparency. The distributed ledger technology offered by Blockchain technology is helping insurance companies drastically in streamlining claims processing, securing operations, speeding up payment times and securing online transactions.

Blockchain with its ability to process huge volumes of customer data in real-time is a natural candidate for deployment in insurance industry. Issuance of insurance policies with smart contracts powered by Blockchain helps in management of claims in a manner that is transparent, responsive and hassle-free, leading to efficient and streamlined claims processing and an improved customer experience. Adoption of blockchain technology by insurers will certainly be a trend in the times to come as the technology evolves with even more empowered and demanding customers.

Omnichannel and Personalized Products- Rising Gen-Z customers

As the customer expectations evolve, the world embrace digital-first approach and Generation Z continue to rise as a percentage of customers, insurance companies need to ensure that they are digital-ready and upbeat with modern technologies. Insurers would need to provide seamless omnichannel access as modern customers seem to use cross device and cross channel purchase path before making the final click. Insurers will need to provide simplified products, spelt out policies, and relevant offerings that are personalized to their preferences in order to meet the expectations of the new Gen-Z customers. Policy details and conditions must be communicated through everyday language and graphics that are relatable to the new customers with the ability of completing the end-to-end customer lifecycle in few clicks.

The trend in the insurance certainly is about being digital-first and leveraging the modern innovations around IoT, Data and Analytics, Blockchain, artificial intelligence, machine learning and automation. In times to comes, insurance industry will see a rise in adoption of blockchain technology for more safe and secure transactions and increasing partnerships with InsurTech firms.

Espire is enabling Insurance companies worldwide to revamp their digital experience management and CX strategy, resulting in up to 20-30% increase in revenue through new digital channels. You can reach our experts at Espire Infolabs for a quick consultation at For any query, get in touch with us at & subscribe to our blog to learn more for latest insights & updates.


Crafting Bespoke Claims Handling System for a leading UK based Insurance brand to enhance Customer Retention

A leading UK-based Insurance brand dealing primarily in claims business, which specializes in employer's liability and third-party insurance coverages for over 100 years now.

Product Development and Application Modernization of Pension Administration Suite on Oracle ADF 11g

The client’s current PAS application is built on Oracle Forms & Reports, client needed to modernize the current PAS with the latest technology stack, i.e., Oracle (Application Development Framework) ADF. The project also included the requirement to upgrade the current backend database built on Oracle.

Delivering Consistent And Compelling Customer Communication With Self Serve Communication Portal

Delivering Consistent And Compelling Customer Communication With Self Serve Communication Portal

Upgrade and Support of Financial Portal based on SAP Business Object Technologies for a Global Engineering Conglomerate

The client is an engineering, sciences and project delivery firm, based in Australia. The client wished for its financial reporting portal to be updated immediately. Its existing financial portal was to be enhanced and standardized so that the reporting was consistent and well linked across various regions and business units

Transformation of Mailstream System of a UK Based Organization using the EMTEX VIP/VDE Technology

The client is renowned for offering comprehensive suite of mail stream solutions ranging from creation to production and distribution thus helping their customers to smoothly manage their flow of mail, documents and packages

Unleash the power of data analytics to master management by exception

Data analytics is becoming increasingly important for businesses, and one of its most powerful applications is in management by exception. By leveraging the power of data analytics, you can gain insight into how your business is performing and where it needs improvement.

Role of data analytics to drive customer acquisition and maximize return on campaigns

Creating a customer-centric digital marketing strategy that accurately targets and addresses your customers’ needs is essential for any business. However, this can be challenging when you lack the right tools and data to help you do it. In this article, we’ll be focusing on how you can use data analytics in your digital marketing efforts to acquire new customers and retain current ones.

Driving operational excellence in energy and utility sector with data integration

Data, is at the core of a modern utility enterprise, that is highly valued and carefully curated. But then often, misinterpreted, underutilised or left to sit in silos. This sector must focus on breaking down the silos by learning how to integrate their disparate data, IT systems, functional and business processes. This allows leveraging the kind of operational excellence, greater revenues, decreased capital and O&M expenditures, and better-planned safety measures, they are aiming to achieve.

Accelerating digital experiences with powerful ui ux for leading industries

UI & UX has emerged as a mainstay when it comes to offering an engaging and easy-to-navigate website/user interface to users. A careful UI/UX design strategy can help in transforming the way organizations interact with their customers as well as their employees by making the platform more streamlined, agile, proactive, easy-to-use and intuitive. Moreover, it can help in increasing user retention, engagement, conversion rates and eventually better ROI.

Espires top 10 webinars for fy20 21 a win win for us our partners and customers

With FY20-21 in hindsight, in this blog, we share a list of Espire’s top 10 webinars from the past financial year that resulted in win-win for us, our partners and our clients!

Subscribe To Our Blog

By clicking on "SUBSCRIBE NOW" you acknowledge having read our Privacy Notice.




Global Locations




Global Customers Served








Technology Partnerships




Years of Experience in Digital Transformation & Total Experience

Speak to Our Digital Transformation Specialists

Let's get you started on the digital-first & transformation journey. Reserve your free consultation or a demo today!