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Technology in Insurance

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The Challenges and
Solutions of Insurtech
Impact of technology in the insurance industry. ​

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What is Insurtech?​
Insurtech, or insurance technology, is the
key to reinventing traditional insurance
companies into cut...

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History of Insurtech ​
• Insurtech emerged in 2010 shortly after
fintech had started revolutionizing
finance.​
• Long befo...

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Technology in Insurance

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This slide is all about technology in insurance while it also tries to cover the following subject:

-robotic process automation in insurance
-new technology in insurance
- insurance trends

Our research experts have worked hard to curate this video based on some valuable points that are included in our original blog. If you want to reach more about insurance, visit our website.

If you want to learn more about technology in insurance visit: www.agencyheight.com

Insurance agents struggle to generate quality leads and this is where agency height directory helps agents step up their insurance game. Visit: https://agencyheight.com/add-listing/

This slide is all about technology in insurance while it also tries to cover the following subject:

-robotic process automation in insurance
-new technology in insurance
- insurance trends

Our research experts have worked hard to curate this video based on some valuable points that are included in our original blog. If you want to reach more about insurance, visit our website.

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Technology in Insurance

  1. 1. The Challenges and Solutions of Insurtech Impact of technology in the insurance industry. ​
  2. 2. What is Insurtech?​ Insurtech, or insurance technology, is the key to reinventing traditional insurance companies into cutting-edge powerhouses for risk management.​ • Insurtech funding reached $2.55 billion in 2021.​ • Buying, managing and renewing insurance is set to go completely digital.
  3. 3. History of Insurtech ​ • Insurtech emerged in 2010 shortly after fintech had started revolutionizing finance.​ • Long before insurtech was synonymous with big data and machine learning, its purpose was to automate the insurance value chain through simple transformations​ • Insurance carriers progressed to being able to streamline their organizational structures, double their profit, and reduce operating costs.
  4. 4. The Three Facets of Insurtech​ • Insurtech Enablers: This is the process of partnering with incumbent insurers instead of competing with them and building solutions for specific value chains within the insurance industry. ​ • Insurtech Marketplaces: Insurtech marketplaces occupy the e- commerce insurance space. They have helped facilitate policy comparisons and ease of purchase. ​ • Full-Stack Insurtech: Companies that use data-driven tools to produce flawless customer service.
  5. 5. What are the Findings?​ • Insurtech has long remained client-oriented.​ • According to PR Newswire, this focus was enhanced as millennials took over the purchasing space from baby boomers. This has led to drastic differences in consumer behavior, and companies had to act fast.​ • Insurance combined with technology was quickly found to be a value-creating mechanism.
  6. 6. A Different Approach ​ In a financial Services Practice report by Mckinsey, insurance carriers are recommended to rethink their approach in 6 areas of insurance digitalization:​ • Strategy: A successful strategy adapts to robust industrial trends and practices.​ • Customer centricity: The center of all digital innovation is improving customer experience. ​ • Business processes: Processes must boost customer experience and reduce operational costs. ​ • Organization: All organizational models, including corporate culture, must support digital tools.​ • Technology: Technology ought to maintain transactional systems. ​ • Decision making: Big data resulting in actionable insights.
  7. 7. Where Does This Leave Us?​ • The Covid-19 pandemic has seeped into 2021, and insurance companies are, as a result, racing to digitalize business operations and client relationship management.​ • Most importantly, the insurance industry must evolve in a world of continuous and steadfast change. While risks get elevated on a daily basis, premium rates are also increasing​ • Insurtech is the driving force behind filling such institutional gaps, and the result can be observed in insurtech companies increasing their total revenue year after year. The future of insurance is bright.
  8. 8. Learn more about challenges and solutions of Insurtech

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