Why Insurtech is reshaping the future of the Insurance Industry
Published on 13 de January de 2022
How Insurtech is reshaping the future of the Insurance Industry

The insurance sector is commonly known for its unchanging nature. Even so, and notably boosted by the pandemic, clients’ needs are changing and demanding more digital products. This is the reason why the industry is also being forced to go digital with insurtech.

To meet the new needs of the customers, insurtech companies are of great help to the insurance sector for its digitalization because they employ deep tech for insurance. These businesses have grown significantly during the last decade, also because the investments in them grew 31% during the last 2 years in Europe.

We’ve already discussed the advantages that insurtech brings to the industry in our blog. Today, we are going to look at 5 reasons why insurtech is reshaping the future of insurance.

1. Deep tech

Insurtech companies develop cutting-edge technologies such as Artificial Intelligence (AI), Big Data, Open Data or Block Chain among others. Those companies that implement them stand out because they prove they care about being updated to speed up their processes and keep customers’ data more protected. This way, they project an image of confidence and transparency.

deep tech for insurtech wenalyze
Artificial Intelligence (AI), Open Data, or Block Chain are some of the deep tech applied by Insurtech

2. Customer knowledge and customization

It is possible to get to know more data about your clients applying insurtech technology and then, customize products according to the specific needs of each client. Especially in this digital era, when customers have new and constantly changing necessities and are looking for quick and simple solutions.

customer knowledge with insurtechs wenalyze
Have a deeper understanding of your customers

3. Productivity increase

With insurtech, it is possible to automate a large number of manual operations, delivering better results while saving time and money, and therefore becoming much more productive.

Productivity increase with insurtech wenalyze
Save a significant amount of time and money

4. Real Time results

Getting results in real-time allows insurance companies to speed up their processes, reducing manual tasks and with the possibility of detecting frauds immediately and acting in time.

Real Time Results with Insurtech
Instant results allow you to take action in time

5. Sustainability

It is remarkable how the cooperation with insurtech helps insurance companies to become more sustainable. This is because the time of the processes is reduced drastically and, as the processes become digital, the resources needed also are reduced. In brief, cooperating with an insurtech means a strong reduction in CO2 emissions.

Sustainability with Insurtechs Wenalyze
Insurtech contributes to a significant reduction in emissions.

These are only 5 of the features that show how insurtech will keep reshaping the future of the insurance sector. If you know any other feature and would like to share it with us, reach us on our social media channels.