About the Horizon Scan

In today’s fast-paced world, staying ahead of the curve is crucial for long-term success. We are navigating an era of unprecedented change with many challenges, from the ongoing effects of the global pandemic to escalating geopolitical tensions and the intensifying climate crisis. Forecasting has never been more important. Predicting the evolution of trends, risks, and opportunities enables us to make informed decisions and prepare for the future, ensuring resilience and competitive edge.

Each year Ageas, in collaboration with our partner Trensition, carries out the Horizon Scan using advanced AI technology to scan millions of pieces of open data from sources ranging from industry databases and patents to social media. The AI identifies emerging trends and monitors the pace at which these trends are evolving. The data is then compared with insights from over 2,000 Ageas employees across Europe and Asia. This unique blend of human expertise and AI innovation results in a more comprehensive and practical understanding of the future. 

We view this as our strategic compass, providing a clear perspective of those trends that will impact our business from a financial, reputational, and regulatory perspective.  By classifying these trends into five categories—No Brainer, Speed-up, Alarm, Observatory, and Parking—we turn insight into action, informing both our Group strategy but also our local business decisions.  

Check out our Horizon Scan video

So, what are some of the takeaways in 2024? 

No surprise that both Generative Artificial Intelligence (GenAI) and AI emerged as a high impact trend for employees across both regions, and as such, were categorised “No Brainer”.  However, things are accelerating more quickly with the peak shifting from a mid-term to short-term horizon.  GenAI has become a pivotal trend, not just within the insurance business, but across all industries. It’s rapid advancement is reshaping how we approach sales, technical operations, and overall business excellence. From AI-powered agents to real-time pricing insights, GenAI is making processes more efficient and the customer experience more personalised. This technology is not just a fleeting trend; it's a transformative force that is here to stay.

With more than 300 AI use cases in its pipeline, Ageas is very much focused on improving insurance functions like pricing, underwriting, and claims. For example, AG’s “Car Repair+ model” aims to enhance the accuracy of repair costs leading to better claims handling, and therefore, improved customer satisfaction. The “Ageas UK Claims Handler AI Assistant” automates routine tasks allowing the business to streamline its internal processes and improve efficiency. Through customer solutions like AkSigorta’s ADA 4.0 and the Digital Coach we are introducing greater personalisation and customer engagement.  

FinTech, InsurTech, and the evolution of Digital Wallets and Digital Platforms powering embedded insurance propositions are flagged as speed-ups. Consumers no longer rely solely on traditional channels. It’s also about buying insurance, making payments, and investing—all from the convenience of your smartphone. This shift is making financial services more customised, accessible, and often more affordable. In Asia in particular, digital tools are being adopted rapidly, giving consumers more choice, a better service, and the ease of managing finances on the go. Through Elevate27, Ageas aims to diversify its distribution channels even further through Next-Gen partnerships. 

The interconnectedness of trends like extreme weather events, the sustainable economy, zero-emissions vehicles, and mental health and well-being highlight the increasing focus on sustainability and personal wellness. This is reflected in the products and services offered but also within the sustainable work environment, designed to support the well-being of employees.  As a Great place to Grow - we want to have a positive impact on our people, communities, and the environment while driving long-term, sustainable growth for the business. 

Looking back

As we look back on the evolution of the trends highlighted by our Horizon Scan since 2018, it is evident that certain clusters of trends have gained momentum reflecting their growing impact on insurance. Open banking continues to demonstrate its capacity to transform financial services as regulation evolves. Increased demand for tailored products and services has been boosted by the potential of data analytics and AI. And health telematics, initially a niche area, but gaining traction during the Covid pandemic due to advancements in technology with growing demand now for remote healthcare solutions. 

Some trends, in contrast, gained but then lost momentum over the years. The Gig Economy and Digital Nomads, hot topics during Covid reflecting the rise of remote working, have not had a major impact on insurance so far. Similarly, technologies like Blockchain, NFTs, Decentralized Finance, and Crypto, initially considered disruptive, have failed to show significant impact leading to their reclassification from Alarm to Observatory/Parking. Trends like Micro-mobility, Last-mile Delivery, and MaaS, once seen as game-changers for urban transportation, have not fully materialised in the insurance space, moving them from the No-brainer to Observatory category in 2024. These evolutions illustrate how quickly trends can rise and fall based on their practical relevance and industry impact and the importance of tracking these trends over time.