Insurtech 2024: Economy poses challenges for private fintech insurers, experts say!

Insurtech company NEXT Insurance has released its 2024 predictions for the sector. CEO Guy Goldstein said the economy will continue to be challenging for private fintech insurance companies, with high interest rates and a slowdown in the global economy presenting obstacles. Goldstein also predicted a significant shift in the insurance industry as customers and agents expect simpler digital solutions. He said that streamlined digital experiences will no longer be seen as a luxury, driving insurers to increase their investments in technology. By leveraging advanced technologies such as generative AI, insurers can enhance their ability to serve customers and gain a notable advantage over competitors. Additionally, Goldstein advised insurance startups to focus on striking a balance between profitability and growth in order to navigate the changing economy and stay ahead of the game.