Saturday, August 11, 2018

What is Insurtech and Why Rising of Insurtech challenging for Insurance Companies

Hii guys are you thinking for insurance? i think before taking any insurance wait for it why i am telling this because there are some startups disrupting the old insurance industry with new innovations and insurance technology

Yeah i m saying about Insurtech wait !!!! what is insurtech? ..... what is insurtech ? what is insurtech? i don't heard before that same question coming in your mind right?

It is doing in insurance same thing that done by Fintech in banking world

So in this post we will covers detail on Insurtech and impact on insurance companies

What is Insurtech 

What is Insurtech

Insurtech are those startups which changing the behavior system, processes,old tradition working models and obstacles which resist on insurance industry through AI , data analytics , Big Data , automated process, wearable and mobile apps

In previous years fintech disrupted the banking such working on same goal Insurtech wanted to achieve this

To seen opportunity in Insurtech now Venture capitalist and other investors pouring big money now we see what is insurtech and we try to understand its rising

Insurtech Examples

for example insurtech startups taking data from wearable devices , car monitoring devices , face detect apps , smartphone data and from other input nodes they used data to create claiming process more easy and fast delivered , create on demand insurance, developing customer risk development tools , offers even to someone for borrowing friend's car

Insurtech Technology and Challenging for Insurance

Startups to capture market, improving customer experience and to beat traditional insurance companies they implementing innovative technologies 

As now smartphones on every hand in india and they know the power of data so by using big data, artificial intelligence they automated claim handling, building on demand model so that anytime user can choose favorable policy on apps

Through insurtech it become easy to buy car insurance online without long burden process

Fill ups form in Insurance really something time consuming and some startups focus on improving this customer experience for example one startup according to social media profile fill out your forms with the help of in house software something trying to simpler process and that type of  problem solving focus can't expect from traditional insurance companies 

Insurtech startups one of them when some one claim for insurance due to any loss or damage they will sent a drones and takes a pictures and sent to server for approval claim 

One of the startups they use photo apps to catch probably fraudulent claims so this is something that really insurtech companies leverages technologies to better customer experience and disrupting the market 

Insurtech basically focus to minimize the gap between insurer and insurance they wanted to customer has own control to their insurance 

They wanted to service that products which they can accept they have really needs of it rather than costly insurance yield and Insurtech have strategies to pull the insurance companies out of competition and they will succeed into it by offering amazing services through technologies

Read also : Best Car Insurance Policy in India for 2018

Beneficial of Insurance Innovations

  1. It come easy to buy cost effective policies
  2. Not long process
  3. No any local agents or needed to advice from fake specialists
  4. Centric Guidance System to specialized knowledge and advice through technology
  5. Simpler form filling process to better customer experience
  6. No need of contact agents to claiming process some startups through mobile apps or drone techniques they will able to detect possible fraudulent and approving claim fast 
  7. Automated compliance processing
  8. On demand Insurance Products through Smartphone 
So what is insurtech and how it disrupting the market we have been see it in the post , finally i can say it has bright future and has been forcing insurance companies to driving  system through technologies and really rising of insurtech is big challenge for insurance

So finally this post about what is insurtech and its challenge to insurance sector you will like it and now we will meet with next post