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What is Insurtech?

July 18, 2019

What is Insurtech?

Insurance + Technology = #InsurTech

Insurtech is the combination of Insurance and Technology that has created an entirely new field for technological innovation. Many startups are pushing forward to disrupt this notoriously traditional industry, however their potential is often held back by several major issues they face - one of them being opacity. The insurance business tends to be especially complex with limited publicly available data making it hard for outsiders to truly understand what goes on behind closed doors...

Breaking into the insurance industry can be a daunting task, especially for startups. Regulatory compliance and an existing network of well-known players form formidable barriers to entry while country specific regulations make scaling difficult.

With these factors in mind it is easy to understand why investing in companies who are disrupting this traditional business model could seem high risk – but with dedication and insight there’s definitely potential rewards!

Disruption step by step

In these changing times, InsurTech startups are revolutionizing the insurance landscape by offering new ways to make customers happy. Through building customer-centric software and streamlined processes, they can help incumbents move from providing just satisfactory products to delivering superior experiences that foster trust with their user base.

Startups in the InsurTech field have created a smoother customer experience, causing traditionally tedious purchase and claims processes to become almost imperceptible. Rather than having customers worry about multiple points of contact or laborious signup procedures, insurers can now provide an efficient end-to-end process for their consumers.

In the ever-evolving digital age, InsurTech startups are offering insurance companies a bridge to keep up with changing times. Through usage-based data collection, personalized and flexible premiums can be created for each customer. Rather than waiting on traditional methods of change from within their own industry, insurers have the opportunity to partner with entrepreneurs in this space and take advantage of innovative ideas - propelling them into a new era that is real time and customized by individual preference. Now more than ever before it’s important for businesses in all industries to embrace an entrepreneurial spirit – let's join forces together now so we don't miss out!