With 2024 wrapped up, it's time to shift focus to the advancements and innovations 2025 may bring to improve and modernize the global insurance industry.
Here are a few 2025 predictions from the ACORD team.
The Digital Placing Revolution: The Next Market Milestone?
Emerging Risks
In a recent article for Emerging Risks, ACORD's President International, Chris Newman, shares his prediction that the next market disruptor will be the digital placing revolution. He said, “Brokers and insurers will be able to incorporate placing within their overall digital framework, using the same tools and processes that are already transforming insurance operational transactions to simplify connectivity and enable straight-through processing. This will not only drive efficiencies for practitioners, but also allow the placing services to focus on their unique value-adding capabilities instead of building a tangled web of bespoke one-to-one connections.”
He continues with, “It will also connect underwriting and operations transactions for the first time in a single digital journey – eliminating time-intensive reconciliation effort, huge volumes of queries, unallocated cash, and ultimately, millions in cost.”
Read the full article here.
25 Insurtech Trends to Watch
Property Casualty 360
ACORD CEO Bill Pieroni shares his insight on cloud computing as a continuing trend for 2025. He states, “Early adopters of enterprise cloud computing will find that selectively returning key capabilities in-house will actually improve cost-effectiveness and strategic positioning. Insurance organizations’ accumulated legacy and proprietary systems—as well as the critical but often-overlooked need for the user to actively manage cloud resources—mean that cloud leverage is not necessarily the best option.”
See more trends here.
The Next Frontier in Insurance Innovation Is Automated Submission Intake
AM Best
Mark Bennett, Senior VP, ACORD Solutions Group, predicts that the next frontier in insurance innovation will be automated submission intake to better inform underwriting decisions. He states, “There is a real focus on that submission intake and enriched underwriting view and then ultimately presenting back to the producing broker or agent a more holistic view of a particular risk, better serving their insured.”
Continue reading the interview here.
Life Insurance Predictions for 2025
Digital Insurance
In a recent feature from Digital Insurance, Bill Pieroni shares his 2025 outlook for life insurance, predicting, “Direct life sales are likely to stall until emerging AI technologies are able to fully address the issues and opportunities. Insurers have largely exhausted the willing market – AI will enable them to tailor solutions, messaging, and experience to reach previously ‘reluctant’ insureds.”
See more 2025 predictions here.