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Changes in Insurance Technology

What to Follow in 2024 and Beyond into the Future

The insurance industry has been deeply shaped by technological advancement over the years. From the earliest days of manually written policies to today's sophisticated algorithms and data analysis, technology has played a leading role in the revolutionary transformation of how insurance companies operate. In 2024 and beyond into the future, significant changes in the insurance industry will occur, spurred by technological advancement and changing consumer expectations.

Time Travel Through the History of Insurance Technology

15th Century
15th Century

The Printing Press

The invention of the printing press by Johannes Gutenberg in the 15th century brought the possibility of mass production of policies, making insurance more accessible. This innovation saved time and reduced the costs associated with creating policies, enabling insurance companies to expand their potential.

19th Century
19th Century


During the 19th century, the telegraph enabled fast communication over long distances. Insurance companies used the telegraph to receive and process claims, leading to quicker payouts for policyholders. This innovation improved customer satisfaction and operational efficiency.

Early 20th Century
Early 20th Century

Punched Cards and Computing Machines

The invention of punched cards and computing machines in the early 20th century allowed insurance companies to store and process data more efficiently. This development phase was instrumental in managing information about insured individuals and accurately calculating premiums.

Mid-20th Century
Mid-20th Century

The Emergence of Computers

The emergence of computers revolutionized the field of risk assessment. Insurers gained the ability to analyze large volumes of data to better assess risk and more accurately calculate premiums. This led to improved profitability and the development of new insurance products.

End of the 20th Century
End of the 20th Century

Internet and E-commerce

The late 20th century saw the emergence of the internet and e-commerce, enabling insurance companies to reach clients through the internet. Insured individuals could now purchase policies, submit claims, and access information via websites and e-mail. This change improved customer engagement and optimized processes.

Current Technological Landscape of Insurance

The growth and development of digital platforms for selling insurance policies will continue to significantly impact the change of traditional models of contracting and distribution of insurance. These platforms facilitate users in comparing policies, obtaining quotes, and securing insurance coverage through the internet. This trend leads to increased competition and a greater number of offers tailored to the needs of users.

Big Data Analytics

Today, insurance companies use Big Data analytics - a process of examining and analyzing vast amounts of information- to assess risk and more efficiently detect fraudulent claims. Advanced algorithms analyze data from various sources, including social media, telematics, and IoT devices, providing insurance companies with a deeper understanding of their clients' behaviors and needs. Devices connected to vehicles and households, such as telematics and IoT sensors, allow insurers to collect real-time data on policyholders' behavior and property conditions, so they will become increasingly common. This trend will lead to safer driving habits, reduced claims, and more favorable premiums for the insured.

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Artificial Intelligence and Machine Learning

Artificial Intelligence (AI) and Machine Learning (ML) algorithms help insurance companies automate processes such as risk assessment, damage claim processing, fraud detection, and customer support. Chatbots and virtual assistants provide quicker and more personalized responses to inquiries of insurees, improving overall customer satisfaction.


Blockchain technology enhances transparency and security in the insurance sector. Smart contracts can automate damage claims processing, reducing administrative costs and opportunities for fraud, while distributed ledgers enable secure and immutable record-keeping.

Looking Towards the Future

Looking ahead, the insurance industry is ready for further transformation through new technologies:

Quantum Computing

Quantum computing has the potential to revolutionize risk modeling and complex calculations. It could enable insurers to process vast databases at unprecedented speeds, leading to more accurate risk assessments.

Augmented Reality (AR) and Virtual Reality (VR)

AR and VR can be used for risk assessment and damage prevention. Insurers could simulate real scenarios and provide virtual risk assessments to insurees, particularly in areas such as property insurance and accident insurance.

Advancements in Cybersecurity

As cyber threats continue to evolve, insurers will be compelled to develop more sophisticated cybersecurity solutions to protect clients' sensitive data and digital assets. Threat detection and response systems powered by artificial intelligence will become increasingly important, and compliance with data protection regulations will grow.

The historical development of technology in the insurance sector shows a consistent trend towards greater efficiency, improved customer experience, and enhanced risk assessment. Today, the insurance sector is based on data-driven decision-making, process automation, and customer-focused innovations. Looking to the future, new technologies promise to further reshape the industry, making it more resilient and adaptable to the evolving needs of insurees. Insurers who embrace these changes will be better positioned and able to advance rapidly in the dynamic world of insurance.