target audience: TECH BUYER Publication date: Oct 2023 - Document type: IDC FutureScape - Doc Document number: # US50796823
IDC FutureScape: Worldwide Insurance 2024 Predictions
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Abstract
This IDC FutureScape presents the top 10 insurance industry predictions for 2024. Each prediction is shaped by a shared set of key drivers, serving as a planning tool for technology leaders and their line-of-business (LOB) counterparts in their IT strategic planning efforts. The 2024 edition of the IDC FutureScape for insurance underscores the vital need for insurers to embrace an ambidextrous approach. This approach is crucial for striking a balance between mitigating risks and exploring new opportunities to ensure survival and prosperity in the face of uncertainties. It has become imperative to shatter the industry's silos and organizational boundaries by strategically adopting digital technologies. These technologies are instrumental in unlocking the sector's full societal impact. For the next five years, insurers are at a critical juncture where they must pioneer digital-first strategies. This pioneering effort involves leveraging emerging technologies such as trusted data exchange platforms, telehealth solutions, "climatech" innovations, and digital twins, as well as the significant advancement of large language models (LLMs) and multimodal generative AI models such as DALL-E.
"In an era defined by uncertainty, where a multitude of challenges and opportunities coexist, digital maturity is no longer a choice — it is the essential foundation of the modern competitive arena. Insurers must master the art of balancing digital innovation with risk mitigation to enhance their digital capabilities," said Davide Palanza, research manager at IDC Financial Insights. "As insurance leaders grapple with the imperative of deriving tangible value from their digital endeavors, the future belongs to those that embrace emerging technologies with sharp business insight and foresight. What's at stake isn't merely survival; it's about leading the charge in reshaping the future of the insurance sector."