The insurance industry is undergoing a rapid digital transformation, where efficiency, savings, and customer satisfaction are the topmost priorities. Today, insurtech companies are working towards fostering an ecosystem that will bring together adjacent industries to provide an improved, value-added service to both insurers and their customers.
Adjacent industries that are of particular relevance, in this context, include health, wealth management, cybersecurity, agriculture, and transportation, to name a few. By leveraging advanced technology insurtech companies have a unique opportunity to explore avenues that even larger insurance firms couldn’t before, be it offering ultra-customized policies or dynamically priced insurance premiums.
With the help of technological inputs, these companies strive to build finely delineated groupings of risk, thereby allowing products to be priced better, and more competitively. Innovation doesn’t just end at better pricing models, for these insurtech startups are now simultaneously testing the waters with an array of potential game-changers.
These trends that could soon revolutionize the insurance industry include using deep learning, trained Artificial Intelligence or AI, to handle certain mundane tasks of brokers, and finding the right mix of policies to complete a person’s coverage, to guarantee maximum satisfaction.
Some applications can also be used to combine previously disparate policies into one, cohesive platform for management, monitoring, creating on-demand insurance for several micro-events, customized coverage, and group rebates.
Therefore, with a refined model and a user-friendly approach, insurtech companies are slowly, yet steadily garnering consumer interest and trust, and this precept is only set to increase in the future.