The “geeks” are officially taking over the world and every industry within it! If you’ve been hearing the word ‘InsurTech’ a lot lately, it’s with good reason. Technological innovation has changed the insurance industry landscape as we know it and insurance policy administration along with it.
What does InsurTech mean?
Digital transformation in the wider Financial Services Industry (termed FinTech) became popular first. The Insurance Industry followed suit. InsurTech is literally the combination of the two words; ‘insurance’ and ‘technology’. When we talk about insurtech we are referring to the latest technological innovations within the insurance industry that focuses on making the current insurance industry model more efficient and effective.
InsureTech is a way to taking business digital and putting technology in the hands of customers via smart APPs.
The InsurTech belief system
Those at the forefront of insurtech believe that the time for insurance innovation is now. Insurtech’s core belief system is that it’s time to place control in the hands of the policy holders.
Insurtech also personalises insurance administration again. Through insurtech policy holders can receive tailor-made insurance solutions and customised policies. Data is also streamlined which makes it much more cost-effective and allows underwriters to offer their clients correctly risk rated premiums.
The InsurTech perks
Insurtech is ensuring that risk assessments are much more individualised by using the latest technological innovation. The analysis of data is used to address underwriting shortcomings of the past.
The more personalised approach also allows for a better engagement with each individual policyholder. As the technological industry is an ever-expanding landscape, insurtech is constantly adapting to the latest innovations and trends and allows for a very dynamic and exciting future. Those within the insurtech space are always contemplating the impact emergent technology in the digital space (for example AI (Artificial Intelligence)) will have on the insurance industry.
The future of InsurTech
The movement to digital technologies is a mega trend across different industries. As such insurtech is very relevant and of great importance in the insurance and financial services space. There is a lot of consumer interest in, and a great need for, channels and applications that offer a refined business model and a much more user-friendly and client-centric approach.
At Legacy Underwriting Managers we place a lot of value on our client relationships and services and we are constantly striving to be the leaders within the South African InsurTech market. Our insurance administration software and insurance underwriting software is changing the insurance game. To find out how our services can benefit you, contact us here.