“InsurTech” is a term used quite often these days – a spin-off of the even more popular word “FinTech.” It refers to technologies and platforms. These platforms can help optimize any of the principles for success or requirements of insurance. InsurTech encompasses companies that provide insurance, but engage technology in a user-centric way. Here are 7 ways of making InsurTech the heart of your business:

1. 7 Ways
Insurance
Brokers
Should
Approach
InsurTech
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2. SIREN GROUP LIFE INSURANCE LEADS
What is InsurTech?
InsurTech encompasses companies that provide insurance, but
engage technology in a user-centric way.
It includes the following:
- Customer service and account tracking software
- Risk analysis software
- Personalized insurance products
- Software allowing a customer to view all their insurance
products in one place
- Devices and appliances that collects data

3. of insurers expect this technology to disrupt their
industry.
75%
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4. 1. Identify which part of
your business would
benefit most
Being active in InsurTech can help you to discover coverage needs and risks that
need new insurance products and services. You will be able to get a clear outlook
and even redefine your product portfolio and service strategy accordingly.
PolicyGenius is a good example of a company that has done well in identifying a
need by providing a tailored insurance check-up platform. Users can discover their
coverage gaps and review solutions for their exact needs.
Take a look at the technologies available to define a promising product strategy.
Then determine required capabilities and create a plan to seize opportunities
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5. 2. Partnering – do your
homework
Your exploration should lead to the development of potential use cases. And should
address specific business challenges. Here are a few aspects of where InsurTech is
changing the industry. It’s for you to decide which aspect is worth developing with
the right partner:
– Updating your claims process (Example: Embroker)
– Updating your client user interface (Example: SurelyGroup)
– Appealing to new markets (Example: SurelyGroup)
– Policy flexibility (Example: Sureify Labs)
– Policies linked to longer life expectancy (Example: Human Condition Safety)
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7. 3. Customers come first
Make sure that the technology you want to introduce is in line with your customer
base and target market.
For example, if 90% of your customers are older than 65 years of age, an online
customer service platform is not going to appeal to them. But, if you are hoping to
appeal to a new younger market, it may work for that strategy. There are ways of
identifying what your customer’s priorities are. You can get to know this by:
- Cleaning up your existing data, gathering proper statistics of your customer base
- Conduct surveys with your customer base to see what type of innovation would
most appeal to them
- Conduct market research to get to know any new markets you want to appeal to.
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8. 4. Engagement
New technology and new business models which engage with customers – this is
where insurance is going. Customers are being made to feel that they are getting
value. Make sure that this is a minimum standard for whatever type of InsurTech
you wish to introduce to your business.
For example, think of the application of social data (permission-based public data
available through social platform). It will simplify the underwriting and on-boarding
process of your new customers. Or the ability to log-in to certain information to
simplify the customer experience.
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10. 5. Stay Abreast
Ventures poured huge investments into InsurTech and have funded insurance start-
ups. In an $8 million funding round for QuanTemplate, an insurance reporting and
analytics software. Allianz Digital Corporate Ventures and Transamerica Ventures
came together. AXA Strategic Ventures, Transamerica Ventures as well as
MassMutual Ventures also helped PolicyGenius. PolicyGenius is an online insurance
policy comparison platform, raise over $15 million in funds.
There are also a number of InsurTech trends which was predicted for 2016, by Rick
Huckstep. Stay abreast of these trends and predictions and consider these before
buying into any new technology for your agency. Tools like the advanced search on
Twitter and LinkedIn as well as BuzzSumo can be a great source of information.
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11. 6. Appeal to newer markets?
The needs of today’s millennial client will demand a digital-first offering. Think
social on mobile screens to self-service, premium payments, document storage and
downloads, and connection to licensed brokers. Fitsense is a great example.
The life insurance journey must be a social, multi-channel experience for them.
People ask people whom they like and trust when it comes to making important life
event-based decisions. Ladder is reportedly starting with a mobile value proposition
built around easier and faster access to term life insurance.
An ongoing relationship should be beyond the annual policy renewal, or a claim, is
the exception. You need to consider the potential of prevention services, as a way
of boosting lifetime value and client loyalty.
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12. 7. Make sure everything is
above board
Some firms have already learned the hard way. A three-year-old business called
Zenefits in the U.S faced major legal challenges to its business tactics. They
provided businesses with free human resources software as a lure to become their
insurance broker. Due to many of their internal processes, controls, and actions
around compliance being inadequate they have been hit with major penalties.
These included a temporary prohibition from operating in the state of Utah.
Make sure you have your ducks in a row, especially when you decide to partner
with an InsurTech provider.
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