The insurance industry has grown considerably in the past few years, be it its extent, availability or purpose. It has undeniably helped the economy flourish by facilitating the risk transfer. Today, the insurance industry is facing a huge range of demands, from flexibility in policy risk coverage to easy and secure payment of claims and premium. Also, customer behavior is changing. Today’s customers want everything at their fingertip and in sync with their busy life schedule. However, to meet all these needs, the insurance industry, which traditionally relied on legacy systems, has to become technologically empowered.
Businesses need business insurance to save themselves from costly payments for damages and to cover the expense of property damage and liability claims. The necessary guarantees required for the owners are business owner’s policy, commercial liability, business income insurance, workers’ compensation.
Insurtech refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model. Insurtech is utilizing the technology innovations designed to make the current insurance model more efficient. With the assistance of technologies such as data analysis and AI, insurtech allows products to be priced more competitively. Insurtech is making a meaningful impact on risk management and insurance. Insurers are investing heavily in technology startups and working to develop new solutions and platforms internally.
Technologies, like cloud and automation, help insurance providers serve their customers and prospects anytime, anywhere. These technologies enable the recorded customers’ data to be picked up by cloud servers and automatically streamed to process the next steps, including underwriting. Besides, technologies like machine learning (ML), artificial intelligence (AI) and IoT can ensure error-free data transfer among systems. Organizations can attain considerable growth by adopting AI in a feasible and valuable manner. It is expected that in future most sections of industries will be handled by Artificial Intelligence, as it is attracting the people.
The adoption of AI in the insurance industry can facilitate sudden damage analysis, selection of better investments on different patterns, asset management, risk calculation, risk prevention, optimization of customer investments, and many more.
Many insurance companies are looking up for tech startups to upgrade their operations and to keep pace with the transformation in the landscape.These startups develop innovative, cost-effective software solutions and deliver them digitally in a fraction of the time as compared to large software companies whose software is marked with complexities, exuberant cost, and longer implementation times.
Insurance companies serve the following benefits: provides economic protection, shares risks, encourages savings, redue dependency, helps to operate business with ease and security, and reduces inflation. Thegame of insurance is changing day by day as AI, machine learnig, blockchain, and other factors are getting plugged to the insurance industry.
To help insurance companies find the best-of-breed insurtech startups, a distinguished panel, comprising CIOs, CEOs, CTOs, analysts and the Insurance CIO Outlook’s editorial board, has evaluated and featured the top companies that leverage innovative technologies and strategies. We present to you Insurance CIO Outlook’s “Top 10 Insurtech Startups - 2018.”
