How InsurTech will make insurance agencies stand out
Published on 3 de March de 2022
In 2021 and for the first time, half of the policyholders interviewed by Capgemini indicated that they prefer services provided by InsurTech and BigTechs instead of Traditional Insurance. Apart from that, the investment in InsurTech keeps growing up to $ 10.5 billion last year, as we already mentioned in our webinar.
Today, we want to deal with the topic of how InsurTech will make your insurance agency or brokerage stand out by implementing this technology. Keep reading!
1- New tech, new opportunities
As a result of the fast development of the technology applied in insurance, the value chain changes exponentially. Nowadays, by acquiring and analyzing clients’ information through Big Data, it is possible to automate processes that manually took considerable amounts of time. Moreover, the possibilities of misrepresentation or fraud decreased remarkably because of real-time analysis.
Insurers will be able to reduce significantly processes time and develop more accurate processes and use technology to augment their decisions.
2- No more outdated systems
One of the big problems for insurers is how the systems they work with are obsolete and inflexible. It makes them difficult to process all the data while, if they start implementing InsurTech, they will be able to adapt the systems to the current needs of the clients and make them have simpler processes.
This way, new insurers, and underwriters will increase their risk evaluation quality.
3- Modern underwriting value chain
The Insurance value chain can be reduced to only 2 seconds by using InsurTech. Moreover, the implementation of APIs helps underwriters to make decisions based on real-time data instead of based purely on intuition. Also, it is possible to customize the products to the necessities of the clients.
New solutions are extremely adaptable and adjustable.
4- Market Opportunity
Whilst the value of the market size of the global insurance industry was USD $ 4.9 trillion by last year, the volume of the investment in InsurTech keeps growing at the same speed, as we have already mentioned earlier, its market value is of USD $10.5 billion by last September.
Cooperating with InsurTech provides the insurers with a reputation and possibilities to keep growing and not coming to a standstill. This way, they will also attract younger generations to their services.
5- Automated insurance underwriting systems & benefits in 2022
Technology brings insurance with new opportunities that maybe they never thought about before. The synergies between different sectors develop new and a wide range of products. For example, there are already services that help insurance to detect sustainability levels of their clients to benefit those that are being more environmentally friendly.
In a few words, InsurTech makes insurance companies that decide to cooperate with them stand out among the rest of their competitors. If you would like to know more about the benefits of implementing new tech in insurance, contact us at wenalyze@wenalyze.com.
