Last year, we outlined the major trends set to disrupt insurance in 2019. We explored a variety of digital, cultural, and economic developments - from AI and blockchain to gig work and the cannabis business - and their potential impact on the industry.

While these trends will continue to shape the insurance landscape in 2020, it’s once again time to look ahead at the next set of emerging issues and challenges.

What is telematics technology?
The term “telematics” refers to devices that merge telecommunications and information technology. These devices are integrated into automobiles to monitor driving behavior, providing data that insurers can use to help determine risk profiles and rates.

If your organization has yet to embark upon the inevitable digital journey that lies ahead, here are a few important reasons to consider taking that first step sooner, rather than later.

Don't miss the newest article in this series: 12 Trends for 2020!

Updated March 14, 2019   

From blockchain to big data to autonomous vehicles, the last decade has introduced an onslaught of new issues that have disrupted the traditional approach to insurance. Companies are racing to find solutions that make sense in today’s technological, cultural, and economic climate.

According to Ernst & Young’s Global Insurance Trends Analysis 2018, the insurance industry not only showed steady growth in 2018, but also is estimated to increase by another three to four percent by the end of 2019. Insurers looking to capitalize on this financial trend and update systems are adopting strategies to ensure business operations are as streamlined and efficient as possible.