Editor’s note: Happy new year to all my readers and welcome to the first edition of Future Insurer for 2023!
ChatGPT is now the world’s most famous AI chatbot. It has had 1 million users since its launch at the end of 2022, it has almost passed US medical licensing exams and made universities re-think assessments.
So I asked ChatGPT whether it could write the next edition of Future Insurer for me. And here it is. ChatGPT wrote everything in this edition’s newsletter. Enjoy!
You can find out more about ChatGPT and watch it in action here.
Welcome to Future Insurer newsletter #12!
We hope you had a wonderful holiday season and are ready for a new year of InsurTech news and trends. In this edition, we’ll take a look at some of the most recent developments in the industry, including new regulations, product offerings, and mergers and acquisitions.
💻 InsurTechs tap into virtual reality to enhance customer experience
InsurTech companies are experimenting with virtual reality (VR) to enhance the customer experience. Some companies are using VR for training and education, while others are using it to provide virtual tours of properties for home insurance or virtual test drives for auto insurance. This technology allows customers to have a more immersive and interactive experience, making it easier for them to understand and purchase insurance products.
📈 Open insurance continues to gain momentum
The trend of open insurance, where data is shared among insurers to improve underwriting and risk management, continues to gain momentum in 2023. Several countries have passed laws to formally enable open insurance, and more are expected to follow suit. This development is likely to lead to more personalized insurance products for consumers and increased competition in the market.
🌎 Cryptocurrency insurance becomes mainstream
As the crypto market stabilizes and regulatory regimes are put in place, insurance for cryptocurrency assets is expected to become more mainstream in 2023. Several insurance companies have already started offering coverage for crypto-related risks, and the demand for these products is likely to grow in the coming year.
🔍 ESG risks take center stage
With the growing awareness of environmental, social, and governance (ESG) risks, more InsurTech companies are focusing on developing products and services to address these issues. From renewable energy projects to socially responsible investing, InsurTechs are playing an increasingly important role in helping insurers manage ESG risks.
📅 Looking ahead to 2023
As we look ahead to 2023, the InsurTech industry is poised for continued growth and innovation. From open insurance to cryptocurrency coverage, new products and services are emerging to meet the changing needs of consumers and businesses. We’ll continue to bring you the latest news and trends in our future newsletters.
As always, thank you for reading and supporting Future Insurer. We look forward to bringing you more InsurTech insights in the coming year.
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Tim Chan is an insurance & insurtech lawyer at global law firm Norton Rose Fulbright and Founder of The InsurTech Lawyer blog. He regularly advises insurers and startups on emerging legal issues affecting the industry. Follow Tim on Twitter: @timinsydney