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It’s Crystal-Ball Gazing Time Again

20th December 2016

In what has now become a Total Systems annual tradition, we have turned to the noble art of divination to see whether we can establish what the coming year might bring for the insurance industry.

A quick nod to 2016

A glance at our 2016 prophecies shows we nailed one of our predictions, but another is proving more problematic:

But enough of 2016 - what does our crystal-ball tell us about the New Year and the exciting opportunities that await the Insurance Industry?

What can we expect to see in 2017?

Our prediction for 2017 can be stated plainly and simply:

"Insurers will at last start to take advantage of new technologies."

We feel that a recent blog from Anthony Baldwin, CEO of AIG, sets the tone for an exciting future for technology in the insurance space in the coming year:

... as insurers we have an even more vital role to play as a risk taker and economic enabler. But we have relied too long on outdated processes, focused too much on the product, and failed to invest in technology.

We would love to predict exactly who might invest in what, of course, but the mists in the crystal are, at present... a bit misty.

Instead, here are our five top tips - five areas that we believe the insurance market should be watching with growing interest:

It’s clear that the next generation of insurance customers see technological evolution as a natural process. If insurance providers do not recognise how technology can help them, they run the risk of being left far behind by not only their competitors, but also by the expectations and demands of their customers.

Our prediction for 2017 is that insurers have recognised this and are about to do something about it. Exciting times ahead. Merry Christmas everyone.

Now, where's that port and stilton?


Content produced exclusively for Total Systems plc, specialist providers of insurance software for quote; rating; policy administration and claims

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