The pace of innovation is accelerating

The life and health insurance sector appears determined to innovate. Fintechs are helping them along this groundbreaking path, assisting them as they pursue customized product offerings and harness artificial intelligence.

Creativity in group insurance

The last few years saw an increase in digital initiatives, such as Humania’s new platform. There has also been a marked increase in group insurance innovation, particularly when it comes to mental health in the work place with many insurers introducing virtual healthcare services.

Cybersecurity

However, as technology progresses in life insurance, there are increasingly more risks of security breaches. Therefore, cybersecurity is a major concern as the industry transitions into the digital era.

Financial institutions such as Desjardins Group, Capital One and others have learned the hard way that technology has its weaknesses. Even the smallest of insurers can learn from these incidents and invest more than ever in their computer security.