The Earnix Blog: Resources for Insurance and Banking Leaders

In the rapidly evolving world of ML and AI, the power of predictive analytics is undeniable. Yet as we harness this new power, we must also navigate the complex landscape of fairness and ethics. We must also do all we can to create equal opportunities and outcomes across different groups of individuals, regardless of their race, gender, age, or other sensitive attributes.

As cyberattacks continue to rise, they affect virtually every industry, but in many ways, cyber threats are especially worrisome in insurance. The amount of confidential information that appears on an insurance application is extremely appealing to cybercriminals.

Many insurers are now getting back on track after suffering some of the worst years in their history. Rate increases are also expected to play a role, especially for home insurance premiums. In 2024, many insurers are planning to increase national premiums in the low double digits. These gains can come at the cost of real pains for home and auto insurance customers. Policyholders will now face much higher, even exponential prices for home and auto insurance.

With seemingly optimistic conditions ahead, 2024 could be the year insurers get back on track. As they do, we predict they’ll take advantage of the following trends and technology developments.