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ARTICLE · 24 JANUARY 2025

Insurance Industry Is Going Through A 'Profound' Tech Transformation

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Card answered questions from Bermuda:Re+ILS on cyber insurance, the impact of artificial intelligence and we discussed how the insurance industry is now going through a "profound" technological transformation.

BermudaInsurance
Duncan Card
Duncan Card
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Card answered questions from Bermuda:Re+ILS on cyber insurance, the impact of artificial intelligence and we discussed how the insurance industry is now going through a "profound" technological transformation.

What do you think the most important technology trends are for the insurance sector in 2025?

Card: There are a few important and fast developing trends that stand out. Certainly, the risk of cyberattack for industry participants escalated in 2024 – perhaps as steeply as the market for insuring cyber risk grew. Access to and the analytical use of insured data has now become one of the most important market differentiators, for both insurance and reinsurance risk assessment, pricing and product development. As well, although the use of intelligent software for claims processing and administration, whether as an in-house tool or through a third-party service provider, has been developing on the slow burner for many years, the sophistication of

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