Insurance Trends for 2023

Now that we’re almost through the seventh month of 2022, we decided to get a jump on the upcoming year and publish a list of the trends we hope to see in 2023.

Since we wrote about no-code/low-code platforms in February of this year, we were inspired to fire preemptively by something we found in Capgemini’s Top Trends in Property/Casualty Insurance: 2022. It was this:

P&C insurers are increasingly adopting no-code/low-code platforms to compress application development cycles, improve efficiency, and go to market faster … No-code and low-code platforms with built-in, ready-to-use software development components enable insurers to create and deliver new apps faster than traditional methods.

Since we’d rather be early to the dance than late, here are the Top Five Trends we hope to see in 2023:

1. Technology consultants, analysts, and trade publications will no longer write about existing technologies as if they’re new or emerging.
2. Technology consultants, analysts, and trade publications will know what vendors in the industry actually offer, rather than trying to make it seem as if they’re ahead of some curve.
3. Technology consultants, analysts, and trade publications won’t be quite so quick to fall in love with whatever they think the next big thing (TNBT) might be.
4. Technology consultants, analysts, and trade publications won’t write about digital transformation as if digital transformation hasn’t been underway since we all survived Y2K.
5. Technology consultants, analysts, and trade publications will actually define insurtech, rather than applying the term to everything from Ziggy and Gomer in their garage with a coding handbook to startup MGAs and insurers.

Who’s On First?

At the time at which there was still a proliferation of print publications in the insurance industry, we used to bet people that if they ripped the covers off the trade magazines, ignored all other indications of publishing dates, and tried to guess when those magazines were published, they wouldn’t be able to do it. Given the fact that the magazines were all writing about the same things ad infinitum, we never lost a penny.

The most radical digital transformation in the insurance industry is that technology consultants, analysts, and trade publications now publish virtually what the magazines used to publish in print.

We hope they get better at balancing their affinities for TNBT with pragmatic looks at what exists in the present.