Insurtechs have started offering innovative and better services for both retail and SME customers from distribution through to servicing.
Focus areas within the insurance
Specialized insurance covering risks based on specific activities at certain times.
Insurance coverage dashboard
Apps that provide analysis of existing coverages and advice on the purchase.
Digital distribution platforms
Aggregators focus on user interaction, online brokerage and price comparison platforms.
A business model allowing consumers to pool their capital, self-organize and self-administer their insurance.
The interconnectedness of physical devices, vehicles, buildings embedded with connectivity to collect and exchange data enabling better pricing.
Use of devices in cars and wearables to track customer behaviors and support better risk segmentation.
Digital claims management
Apps that automate and speed up the claims process allowing insurers to process them virtually and deliver better customer services.
Fraud detection and management solutions using big data and analytics, AI and machine learning.
— Insurtechs have expanded beyond distribution across the whole value chain to underwriting and claims.
— They are driving new products, better risk selection, and pricing, and servicing (including improved claims management).
— New business models such as peer-to-peer (P2P) insurance and on-demand insurance are emerging.
— Strong need for the insurance industry to evolve and replace slow and manual legacy processes and systems.
— Consumers are demanding faster and real-time pricing, claims decisions, more transparency and easier ways to choose/switch insurers.