The Earnix Blog: Resources for Insurance and Banking Leaders

Many insurers are now getting back on track after suffering some of the worst years in their history. Rate increases are also expected to play a role, especially for home insurance premiums. In 2024, many insurers are planning to increase national premiums in the low double digits. These gains can come at the cost of real pains for home and auto insurance customers. Policyholders will now face much higher, even exponential prices for home and auto insurance.

With seemingly optimistic conditions ahead, 2024 could be the year insurers get back on track. As they do, we predict they’ll take advantage of the following trends and technology developments.

We live in a world of high and ever-increasing expectations. In our personal lives, we expect products and services to meet and exceed expectations. In our professional lives, especially when dealing with vendors and partners, the same applies.

In the bustling world of insurance, a quiet revolution is unfolding. It's not led by charismatic CEOs or flamboyant industry disruptors. Instead, it's powered by something far more enigmatic: machine learning (ML). But there's a catch – these oracles are often inscrutable, their predictions shrouded in mystery. This is where the concept of ML explainability enters the discussion, turning the spotlight on the inner workings of these digital soothsayers.