Insurance Trends in 2024


The insurance industry is one which is constantly changing. It is a mature industry with many moving parts. This makes it much tougher to adapt at a pace seen in the tech industry. Here are a few predictions by Filip Ambroziak for 2024.

1. Technological Updates

In 2024, the insurance industry will continue to adapt the latest technologies which help speed up quoting and helps create accurate rates. We expect to see more quoting systems similar to Wawanesa offering which recognizes current active clients. Clients can be sure that renewals offered will be similar if not identical from brokerage to brokerage. 

2. Vehicle Theft Prevention

With Aviva’s free Tag Tracker is one of the latest movements to lower vehicle thefts. During the last several years, car thefts in Ontario have skyrocketed. In our brokerage, we noticed about a 100% increase in auto thefts in the last year alone. We expect other insurance carrier’s to follow Aviva’s lead and provide the Tag Tracker as a free option. 

Although a good initiative, it is still far from the only answer. Even with the Tag Tracker, clients must still rely on law enforcement to find and pickup the vehicle. Since they are very busy, in many cases the car is already gone by the time police get to it. 

3. The Use of Artificial Intelligence (AI).

As Bill Gates put it, “the era of artificial intelligence has begun”. With the introduction of Chat GPT 3.5 and now 4, artificial intelligence will soon be a part of every day lives and insurance is no exception. I predict that insurance companies in 2024 will begin brainstorming how to use this AI technology and we can likely see it being implemented in the next 2-3 years. 

The prediction is that AI will be first introduced in P&C underwiring where brokers can ask it specific questions that normally a human underwriter would be tasked with. The AI will also be able to make decisions where a broker received a referral message and needs approval. The AI chatbot can analyze previous similar cases and their success rate and ultimately make a decision. 

Assuming AI is successfully implemented in the underwriting department, claims would be next. Claim centers are currently overwhelmed and a strong AI bot would do wonders in speeding up the claims process. The United States already have a similar company called Lemonade. We expect to see similar uses in Canada. 

As AI is still young, I suspect insurance companies will only begin to include AI once it is advanced enough and all bugs are resolved. This may take a few years, but I am sure that conversations will occur in 2024.

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Filip Ambroziak

Need a quote for your home, auto or business? Call Filip Ambroziak at (416) 803 2113 or email him at

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Throughout his career, Filip Ambroziak had the opportunity to insure a wide variety of unique clients.

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