In the past, life and non-life insurance products, whether for individuals or businesses, were sold through a network of agents, brokers, and direct channels. These products included life insurance policies, health insurance, auto and home insurance, commercial property insurance, and trade-specific coverages like cargo, hull or credit insurance. The involvement of multiple parties, including underwriters, claims adjusters, reinsurers, and regulators, made the process complex and time-consuming.

Today, the industry is rapidly moving towards digital platforms, simplifying the purchasing process and improving customer engagement. For example, life insurance products, which were traditionally sold after extensive face-to-face consultations, can now be purchased online with minimal friction, thanks to the use of artificial intelligence and big data. Non-life insurance products, such as auto or home insurance, are also benefiting from telematics and IoT, allowing insurers to offer personalized premiums based on real-time data.

Looking ahead, the future of insurance lies in the increased use of predictive analytics, blockchain, and advanced AI. These technologies will streamline underwriting, enhance fraud detection, and facilitate seamless claims processing. For instance, smart contracts on blockchain could automatically trigger payments for claims based on pre-defined conditions, making the entire process faster and more transparent. Additionally, digital insurance marketplaces are emerging, offering a platform for customers to compare and purchase a wide range of insurance products, including trade-related coverages.

In terms of regulation, the insurance industry is closely monitored by various trade associations and regulatory bodies, ensuring that companies adhere to stringent guidelines, particularly around AML and fraud prevention. These regulations have driven the adoption of RegTech solutions, which help insurers comply with evolving standards while maintaining operational efficiency.

As technology continues to evolve, so will the role of intermediaries like brokers and agents. While their traditional roles may diminish, new opportunities will emerge for them to provide value-added services, such as personalised advisory based on advanced analytics. Furthermore, customer expectations are driving the need for faster policy issuance, seamless claims tracking, and greater transparency in all interactions with insurers.