Insurance companies are using satellites, drones, and real-time data to give consumers more user-friendly policies. Telematics is also starting to see broader acceptance from automobile insurers to record the driving patterns and behavior of an individual and offer suitable auto insurance plans. AI is being used by a few insurers for pre-inspection of motor insurance.
Likewise, automated solutions within predefined parameters are accelerating policy purchases and claims processing, in a matter of minutes, driving consumer experience. In light of these technology trends, the insurtech market is expected to reach a net worth of $165 billion in the next five years.
To put the spotlight on such key developments in the industry, Insurance CIO Outlook illustrates how insurance companies are leveraging the latest developments to enhance performance and exceed consumer expectations. This edition also features a thought leadership article authored by Nick Bendell, Venture Capital Senior Associate at MTech Capital. He sheds light on how cloud-based microservices architecture with APIs passes data across systems, enabling insurers to cater to more service requests.
In this edition of Insurance CIO Outlook magazine, we also bring to you the story of some of the emerging insurtech startup companies that deliver the best outcomes for their clients. Dark Matter Insurtech stands out in the list for facilitating data exchange and distribution between an AMS and different specialty carriers’ portals by running as an interface engine and connectivity platform. Additionally, other innovative insurtech startups like Groundspeed are also pushing the limits of insurance technology through its AI-driven Data Pipeline platform, which automatically captures relevant inbound submission data, extracts insights, and structures the information to transform the submission, rating, and underwriting of policies.
Through the following pages, we aim to shine a light on the innovative trends and latest developments in the insurtech startup space. We would like to know your thoughts.
