Insurers know that innovation has the potential to disrupt their current business and operating models. And they know that they need to innovate faster than their competitors to defend and grow their business.
So let’s have a look at interesting statistic
Great insurance companies are pouring millions into innovation and research. Insurers need to pay attention at what factors will improve policy uptake in a world dominated by the desire for immediacy.
There is a tendency that conservative or old-fashion insurers have risk losing at least 20% of their business without new technologies. On other side, for those that follow innovation there is a great opportunity to grow their business by 20%.
Fortifier’s goal is to make insurance partners to be on the right side of this situation.
Let me tell you about what Insurtech term means.
Insurtech is a special opportunity for insurers to increase their business model. Insurtech takes advantage and data of technology and uses them to create useful solutions, reduce services costs and capture greater value for insurers, brokers, intermediaries and its clients.
This is the way to drive true competitive business, while enabling measured bets for the future.
Below you are welcome to meet 7 main trends that big insurance companies with technical specialists have identified for your convenience.
- Insurance is changing. In the nearest future it will be serviced in a fundamentally different way. Insurtech will come into its own.
- To innovate (new customers channels, risk pools and different segments) and deliver on the client promise will become the most important competitive advantage.
- IT Solutions are evolving from protection to behavioral change then to accident prevention.
- Data spreading and increasing clarity on the customers and insurers will create opportunities for intermediaries and brokers to innovate solutions for their B2C for example, non-standard risk pools, healthcare gaps, retirees/older generation) and B2B (for example, emerging and unknown risks, global supply chains, cyber, cross-border liability) clients.
- Remember! Competitive insurance service must have IT security and tech protection in their business.
- External data, social networks and contextual information will become more important than historical internal data for predicting customers risk and insurance pricing.
- Deep learning, blockchain and genomics technologies will influence and improve financial inclusion and better meet the needs of the underinsured and uninsured people.
So as you can understand insurance industry will look very different in 3 years, but more importantly there is a chance to drive huge benefits to insurance field and society at all through reducing under-insurance and supporting the transition from protection to prevention.
The fact is that new technologies, innovations and business models are changing the dynamics of the insurance market is clear. More than eight in 10 insurance executives responding to our recent survey, Innovation in Insurance, said that they believe their organization’s future success to be tied closely to their ability to innovate ahead of their competitors.
You can be sure that new software can improve the claims experience and insurance business at all. It requires an inordinate level of expertise by software development company. This company should be your reliable IT partner. Because most technologists don’t know insurance field and only provide tech solutions.
This article will help you to choice a Good software development team.
So yes, insurance can innovate.
The question is, can you truly keep up with the times?