Insurance trends to watch in 2023
While 2022 has seen a return to many pre-Covid ways, there are some areas that have remained heightened due to the pandemic. At EstImage, we believe these trends are here to stay in 2023.
Our suite of products has been designed and enhanced to support Australian insurance organisations in tackling these challenges. We’ve outlined what we believe the main trends in the Insurance market are and how the use of digital solutions will assist.
1.Continuation of resource shortage
The Australian insurance industry is facing a skills shortage. This is set to increase over the coming years, with many “baby boomers” - the main demographic of the industry - preparing to retire. This gap can be minimised by streamlining processes and better-utilising technology.
EstImage Motor and EstImage Property are customisable software solutions that simplify the communication and administration of repairs between insurers, suppliers, and customers. These two products streamline the assessment, repairs and supplier management with minimal resource impact by allowing virtual inspections.
2.Increase in flexible workplaces
Companies and staff have learned through the pandemic that flexible working is a true possibility, and it has, in fact, become the norm. Increased productivity, better retention and recruitment, and reduced costs mean this trend is here to stay.
Our cloud-based EstImage Motor and EstImage Property provide insurance employees, assessors and suppliers remote access to the software, whether they are connected to the company network or via the public cloud (depending on their authorised level of access and need).
3.Continuation of security
We’ve seen, in recent months through the media, increased attention around cyber-attacks and data breaches in many industries. The Australian insurance sector is a multibillion-dollar industry. With more customer data being stored in cloud-based applications than in previous years, security is a primary concern for everyone.
When looking for an Insurtech provider, it is imperative that they are SOC 2 Type II compliant or equivalent. SOC 2 audits are conducted annually through independent, third-party specialist auditing firms to ensure that all data handled by Software-as-a-Service (SaaS) systems, including Insurtech systems, remains protected.
Stelvio, our parent company, achieved SOC 2 Type II compliance following an independent audit from KPMG. Our SOC 2 compliance report details the 158 controls that we have in place to ensure that we meet the trust service principles with respect to the storage, security, availability, processing, integrity, confidentiality, and privacy of our customer data.
For more information on how EstImage can help support you in 2023, or to request a demonstration of our solutions, contact the EstImage team today.