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.
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. 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.
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.”
