Many people including investors, policyholders, and independent insurance agents/agencies are asking what is InsurTech and how can it help me?
It is a great question and the truth is that InsurTech will likely help everyone, by optimizing the entire Insurance Industry.
As more investment goes into InsurTech trends, every policyholder will receive better coverage at a better price.
Additionally, as efficiencies are gained Insurance Companies will become more profitable as well.
Those who invest wisely in InsurTech will gain the biggest competitive advantage and this can include both insurance carriers and insurance agencies.
In today’s article, I’m going to tackle the common question: what is InsurTech?
So, regardless of your position in the Insurance Industry, you can gain some insights on InsurTech that may help you as you do research and make InsurTech investment decisions.
Here are a list of good InsurTech resources we found when researching the question, what is InsurTech.
- Will Insurtech Disrupt the Insurance Industry? (investopedia.com)
- Insurtech refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model. This article tells us if it will disrupt the long standing industry.
- What Is Insurtech? (thebalancesmb.com)
- Insurtech is short for insurance technology. It includes AI, machine learning, IoT, and other new tools that are changing the way insurers do business. This is a good overview of the various technologies comprising insurtech.
- What is InsurTech and how can you harness its disruptive powers? (vertafore.com)
- InsurTech is a term applied to the many segments of new technology that are disrupting the insurance space. This article discusses how you can list out the Who, What, When, Where of your business processes to figure out ways to use technology to reduce friction and automate.
- What Is Insurtech? Terms, Benefits, and Definition (learn.g2.com)
- Insurtech is insurance technology and software designed to improve the operations of insurance companies, and the industry as a whole. This is another good overview of InsurTech.
- What is InsurTech? Definition, Meaning, and the Role of Technology in the Insurance Industr (4tifier.com)
- Emerging technology is developing the insurance sector like never before. InsureTech solutions include the integration of AI, IoT, blockchain, Big Data, and other software solutions into the ordinary workflow. It helps insurance companies deal with daily tasks faster and more efficiently. This is a very detailed article going over many of the different types of InsurTech technology examples.
Perhaps Artificial Intelligence and the IoT (Internet of Things) are the two most common InsurTech topics to come up.
Below is a list of all of the common InsurTech Topics:
- artificial intelligence – Lemonade is an example so are chatbots, AI is a big area within InsurTech
- internet of things – Devices that are always connected to the internet storing data that now communicates with insurance carriers
- big data – big data analytics is changing actuarial science and risk assessment changing how carriers offer coverage to policyholders
- customer experience – automation technology such as insurance chatbots
- insurance policy – automation technology to automate underwriting processes
- auto insurance – Trackables that measure your driving safety and risk
- health insurance – Various InsurTech devices such as wearables are changing health insurance.
And the list goes on…
- business model
- value chain
- social media
- customer service
- market share
- car insurance
- insurance company
- venture capital
- user experience
- smart contract
- risk analysis
- digital transformation
- wearable technology
- consumer behavior
- mobile technology
- operational efficiency
- real time
- data science
- human brain
- mobile application
- software as a service
- term life insurance
- insurance fraud
Here are some common answers to frequently asked questions about InsurTech.
What is Insurtech?
- InsurTech is the combination of insurance and technology solutions for enrollment, insurance claims processing, underwriting, policy administration, data insights, fraud detection and more. InsurTech is disrupting the insurance industry by providing cost saving solutions and better customer experience for insurance companies. (benefytt.com)
How does InsurTech work?
- Insurance is an old business, one of the oldest financial businesses and it tends to favor those with deep pockets and long experience in the market. Traditionally, broad actuarial tables are used to assign policy seekers to a risk category. The group is then adjusted so enough people are lumped together to ensure that, overall, the policies are profitable for the company. (investopedia.com)
Now that we have answered: “What is InsurTech?”
Let us share some InsurTech Examples.
Definition & Examples of Insurtech
- The term InsurTech refers to the innovative technologies and new digital tools developed to optimize the performance of insurance companies, to deliver a better customer experience, and unlock the potential of advanced analytics. In a more narrow sense, the definition of InsurTech means the combination of insurance and technology to bring game-changing solutions into the business. (4tifier.com)
Benefits of Insurtech
- Insurtech was created for a reason – to ramp up the efficiency and efficacy with which the insurance industry does business. It delivers on those two fronts, providing a tantalizing array of benefits that users can capitalize on. The use of InsurTech will lead to more customized insurance policies meaning better coverage and rates for everyone. (learn.g2.com)
Types of Insurtech
- InsurTech Wearables include things like watches that track your activity and health while InsurTech Trackables are things like auto trackers that analyze the safety of your driving.
- Here are some of the common types of insurtech you could expect to see utilized by an insurance company. Some of these pieces of technology will eventually be phased out by newer technology, while others will evolve and remain an important aspect of insurtech. (thebalancesmb.com)
This article wouldn’t be complete without a list of InsurTech Statistics and insights.
- According to CB Insights , global investment in insurtech rose from $348 million in 2012 to $4.15 billion in 2018. (meetbreeze.com)
- The Insurance Information Institute reports that fraud accounts for about 10 percent of the property and casualty insurance industrys incurred loss adjustment expenses annually. (meetbreeze.com)
- According to the Kaiser Family Foundation, over 9 million people age 18 to 64 had Medicare due to a disability in 2017. (meetbreeze.com)
- Up 1900 percent since 2011 ($131 million in 2011 to $2.6 billion in 2016) the InsurTech segment is pegged for massive growth in the coming years. (vertafore.com)
- A health insurance policyholder who runs 10 miles a day and gets 8 hours of sleep a night is likely to live longer and require fewer visits to health care professionals than a sedentary smoker who constantly visits the liquor store. (learn.g2.com)
- The global insurtech market was estimated to be valued at $1.5 billion in 2018 . (benefytt.com)
- According to the 2019 World Insurance Report , traditional carriers and start-ups are discovering that collaboration offers a win-win path forward. (iii.org)
- Once market confidence recovers, insurtech will be back on its way to an estimated growth of 253 billion by 2021. (arrkgroup.com)
For more information on InsurTech you may want to review the following sources we found in our research for this article.