INSURTECH

InsurTech is a collective term used to define companies offering technologically innovative products, solutions or new business models for the Insurance sector

  • These innovations occur across the entire spectrum of the insurance value chain, from the digital client on-boarding and insurance policy subscription to a more efficient and user facing claims management process
  • InsurTech companies aim to use new and developing technologies to make the insurance process more precise and efficient for incumbent companies and more competitive and user friendly for customers Currently, the industry is plagued with generalist and inadequate insurance policies and inefficient, burdensome and fraud prone claims management processes, leading to avoidable costs by companies and unsatisfied customers
  • The insurance sector has recognized that coupling their legacy IT systems and processes with the disruptive business and operating models of tech oriented players, will allow improve efficiency and client experience resulting in increased profits
  • InsurTech startups make use of developments in IoT, Artificial Intelligence, Machine Learning and Data Analytics to customize services and solutions to suit each client and expedite the claims process, while making use of technology to markedly reduce the likelihood of fraud in the industry