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How Insurtech Is Changing Insurance

Insurtech is the crossroads where legacy insurance enterprises, digital platforms, and technological innovation meet. Insurtech will continue to disrupt all aspects of insurance; supply chains, customer service, products, and much more.

Insurtech current and next growth wave is driven by: tech for new Customers (e.g., tailor-made products for millennial, or reaching remote areas), tech for digital lifestyles and tech for operations (e.g., from wearables and IOT to Deep Learning and AI).

Home insurance companies will go beyond the policy and help consumers manage all the financial aspects of the homeowner journey including home maintenance, home remodels, home inventory and home finances.

Making the claims or quoting process better, adding discounts and Usage Based Insurance are all good.. but it’s iteration and not innovation.

Insurance hasn’t caught up with technology or the way we live. We need to be travel data experts to better understand how people travel and make insurance work for them.

Insuretech startups are growing quickly with technologies like IoT, blockchain, and AI while insurers are slow to change. It is only a matter of time before startups or an existing tech giant will disrupt the industry with end-to-end digital business models.

“Analytics everywhere and now” is the new norm within insurance technology and related business processes, helping insurers effectively streamline service costs whilst also improving overall customer experience.

Insurtech is technology that supports the digital evolution of insurers. It drives strategic and IT priorities while disrupting/collaborating the business processes and models of one of the world’s largest industries.

We’re seeing meaningful innovation in the industry because companies are using technology to simplify experiences and solve user problems. Tech for the sake of tech simply adds complexity to an inherently complex environment.

By incorporating the smart use of new data sources and by using modern data science techniques to measure and respond to customer needs, InsurTechs are transforming how the industry targets, sells, and serves customers.

Marketing leaders in the insurance industry should leverage big data and consumer insights to understand the policyholder’s buying journey; not limited to one marketing campaign, but continuous, precise, deep engagement.