Five Major Insurance Trends for the Future

Christian Wiens, Founder and CEO of Getsafe, shares his predictions for the five major insurance trends of tomorrow.


Digitalised Insurance


More and more people in Germany are online today and this usage behavior is also reflected in customers’ expectations of insurers. The days when printed insurance documents filled entire filing cabinets are over. Today’s customers expect to be able to access information and services anywhere, anytime at the touch of a button. More and more insurers are relying on online sales channels, chatbots and digital language assistants to help customers 24 hours a day. This trend will continue. Simple claims can then be processed by AI; for complicated claims it will be possible to query the processing status online – just as customers can conveniently track parcel delivery via smartphone.




Insurances are based on probability calculations and empirical values, i.e. on data. Until now, tariffs have generally been calculated on the basis of a small amount of often older data. However, the more data an insurer has on the lifestyle and behavior of its customers, the more it can refine risk profiles, reduce the fraud rate and adjust prices in a targeted manner. This benefits not only insurers, but also customers: For example, those who pay their bills on time and are classified as trustworthy on the basis of certain criteria could receive cheaper premiums or repayments or have their claims reimbursed more quickly and easily.




Future insurance will not only settle claims, it will help avoid claims even arising. With a better database, not only can the probability and amount of loss be calculated more accurately, possible losses can also be prevented by digital systems and sensors. Telematics tariffs in motor vehicle insurance are already moving in this direction by rewarding a prudent driving style. In the coming years, insurance companies will move away from concrete products and towards holistic promises of protection. This will certainly be implemented at an early stage in the field of mobility. Instead of separate insurances for bicycles, motor vehicles and foreign travel insurances, for example, there will then be comprehensive mobility protection covering all travel risks.




Tomorrow’s insurance is personalised: thanks to digitalisation, it is also possible to develop offers that are much better suited to customer needs – away from standardised and inflexible policies. Because if the insurer can better assess the needs of the customer on the basis of his past history or behaviour, he is in a position to put together tailor-made insurance packages.


Holistic Approach


While in Germany every resident over the age of 18 has an average of six insurance policies, in future people will only have one risk partner who will cover all risks in an individual policy. Just as people today put together their breakfast individually in a restaurant, they will also choose their insurance cover from various modules. A father of a family who likes a holiday on the North Sea and mountain biking would then have a different

service package than a father of a family who prefers a holiday on the Mediterranean and climbs once a year in the Alps.