Trends to watch: Life insurance tech

While the industry has been slow to adopt technologies like wearables, APIs and even the currently unpopular blockchain, each of those technologies will play a part in the life insurance industry going forward. We’ve seen carriers embrace wearables as an added benefit, and the current crop of insurtechs are utilizing APIs to pass data back and forth in a faster way than the usual batch processes. With the economic and venture market hardening, we’ll see carriers start to acquire insurtechs, increasing both their tech capabilities and tech talent to adopt those technologies even faster, in pursuit of using that technology to collect data, better scale their operations, and serve their customers better than ever before. 

Mutual of Omaha has started this journey by implementing several AI models to help us make better decisions, eliminating outdated technology, and building digital experiences to make our customers’ and producers’ lives easier. We’re picking up the pace of innovation and technology and doing so in the right way, with a ground-up rethinking of our tech stack and an eye toward what customers will need in the future.