2017 was a year full of devastating natural disasters, data breaches, innovative inventions, new legislature and a booming stock market.

New trends in the industry were launched, like cyber and cryptocurrency insurance.

Looking ahead to 2018, here’s what we predict will be the biggest trends in the insurance industry:

No Deductibles

Back in November, we took a look at the new insurance company Lemonade and its new “Zero Everything” policy.

Zero Everything means that customers can file up to two claims per year without deductibles, depreciation or rate changes.

Simply put, Zero Everything claims to give you one dollar for every one dollar lost.

The company did away with deductibles, stating that because they utilize artificial intelligence (AI), which greatly reduces administrative costs, deductibles are no longer needed.

However, no deductibles mean a higher price for policyholders.

We’re still waiting to see how this works out for Lemonade, but if the company does well without deductibles, we can expect other companies to start doing the same.

Mobile Optimization

According to Statista, over 2 billion people all over the world are now using smartphones, and that number is predicted to keep growing.

Additionally, over half of the world’s web traffic now comes from mobile phones.

We’re predicting most insurance companies will switch to a fully optimized mobile experience in 2018 and offer more things like taking photos of accidents, text messaging agents, and mobile apps.

We think this year companies will roll out new technology to utilize smartphones to share information instantly during events like a car accident.

Instead of writing down each other’s information, we’re hoping a scan-able code will be invented to streamline the cumbersome process.

Artificial Intelligence

As artificial intelligence grows in popularity, we’re expecting it to merge more into the insurance world.

This artificial intelligence can be used to streamline the claims process and provide more technical support for insureds with questions about their policies or other technical needs.

According to Forbes, 74% of consumers would be happy to receive computer-generated insurance advice.

We predict more bots taking over the roles of insurance agents, similar to the Lemonade business model.

If Lemonade does well, we think other insurance companies will take their lead.

Cyber Insurance

In an increasingly technologically-driven world, cyber insurance is a must. We’re predicting more insurance companies will offer a wider range of cyber insurance policies to cover things like data and cryptocurrencies.

Due to the fact that cryptocurrency is gaining more popularity and value, cyber insurance is a must for 2018.

Pet Insurance

According to Trupanion, Americans spend over $20 billion on their pets’ veterinary bills each year.

However, only about 2% of the nation’s pets are currently insured.

Since 2013 there’s been 60% increase in employers offering pet insurance.

These companies are hoping to attract and retain more employees by offering pet insurance.

We’re predicting more companies will offer pet insurance for cats and dogs, and possibly a larger variety of other pets.

Utilizing Blockchains

A blockchain refers to an expansive list of records known as blocks that are linked together and shareable.

Records include all versions and copies and are secured in a database.

Blockchains can be used to organize documents and proof of insurance, which can streamline the process for exchanging information during an accident.

While there are already a few insurance companies testing the blockchain method, we’re predicting many more companies will jump aboard the blockchain train in 2018.

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