When one observes the stages of evolution over the years in the Insurance Industry, they are left pleasantly surprised at the progress. Emerging from an initial period of bleak insurance management in the market, insurance agencies have now transitioned to a contemporary institution equipped with intelligent policy management system supported via apps and other tech-based solutions. Although the market is already replete with technological solutions, which are backed by AI, cloud computing, and much more; 2019 is seeing the deepening of their roots in the insurance space.
On the technology front, insurance solution providers are coming up with impressive updates in these already existing policies and compliance solutions. For instance, AI earlier was primarily being used to improve efficiency, automating underwritings, and claims processes. However, over time, the impacts and uses of AI have intensified. Now, its potential is being harnessed to identify, assess, and underwrite emerging risks. Similarly, IoT is bolstering the insurance ecosystem with first-hand data, improved accuracy, risk management, and most importantly—power in the hands of the customers.
Today, Insurers are looking at newer shortcuts to get ahead of their competitors and, studying the market trends becomes one of the most important practices. With predictive analysis, market scanning has become a piece of cake. The improving insights on data collection with Predictive Analysis have helped insurance companies in pricing, risk selection, detecting insurance fraud, and understanding the emerging customer needs.
Also, from a security perspective, blockchain is gracing the market space for insurance firms. To access the records and data in a secured fashion, solution providers are leveraging the blockchain technology as a central platform. Keeping track with these changes embracing the policy market, Insurance CIO Outlook’s editorial board has listed some of leading-edge startups in the domain of Insurtech. With several innovative technological capabilities and early success stories up its sleeves, these startups are constantly proving its mettle in the field of Insurtech.
We present to you Insurance CIO Outlook’s “Top 10 InsurTech Startups – 2019.”
