Tech Trend Radar 2021

Tech Trend Radar: Insurance is a technology business

The Tech Trend Radar 2021 is out now – it provides information about technology-driven trends in 2021 that are relevant to the global insurance sector. The TTR is a collaborative initiative by Munich Re and ERGO. 

In cooperation with Arthur D. Little and the Institute of Electronic Business, future trends have been gathered, aggregated and rated in order to provide a comprehensive view of technology trends, their maturity and relevance for the insurance industry.

This year’s report contains 58 trends that have strategic and operative relevance for the insurance industry. The trends are categorised into four trend fields: Human-centricity, Connected World, Artificial Intelligence and Enabling Technologies.

14 new trends have entered the Tech Trend Radar, especially in the field of Artificial Intelligence. Additionally, health-related trends have been drawn attention due to the pandemic.

Dr. Olaf Frank, Head of Business Technology at Munich Re Group

Dr. Olaf Frank, Head of Business Technology at Munich Re Group“From the recent past we see that new ways to use technology are helping us cope with this change and mitigate the impacts – be it through rapid development of vaccines, shifts of business to online channels at an unprecedented rate, or the transition of company life to virtual reality and home office. We need to be prepared for this high paced shift of business models and whole industries to tech driven solutions – especially in the insurance industry. We believe our future is full of opportunities to transition our business and make it a success in the future.”

Paul Spiteri​, Board Member of ERGO Technology & Services Management

Paul Spiteri, Board Member of ERGO Technology & Services Management“With the Tech Trend Radar we explore the emerging technology opportunities and assess what is ready for large scale adoption. We also consider what insurance companies should keep in mind from a strategic perspective, be it competitive behavior, emerging market opportunities or changing customer expectations. As a perfect example, many AI use-cases sounded like science fiction a short while ago – now we are using them in daily business to understand our customers’ needs and provide them with swifter service.”

Tech Trend Radar 2021

Click here for the interactive online version of the Tech Trend Radar 2021.