Insurance is a complicated business. It's one that has long relied on brokers and agents to navigate the complex web of coverage, benefits, claims processing, and more.
Thanks to new technology, things are changing fast. So how does this new way of doing things work? And what are the advantages of an insurtech platform? We'll explore these questions below!
Improving customer experience
Insurtech makes insurance more accessible to the masses by simplifying the buying experience. For many, it's a matter of convenience that guides their decision-making process when choosing an insurer or product. In other words, people want coverage for themselves and their loved ones in quick, easy, and affordable ways - and insurtech platforms provide just that.
Shawn Laib at Clearsurance.com believes, "Customer-centred coverage is so important. Companies like Metromile have developed a technology that tracks exactly how much you drive each month and converts that information into an estimation of auto insurance charges. It's not fair for someone who only drives 200 miles a month to be charged the same as a 2,000 mile a month driver."
Technology also enables insurers to better serve their customers by being more efficient in the way they do business, which means greater transparency and ease of access for policyholders. For instance, insurtech allows insurance companies to offer 24/seven customer service via AI chatbots or email—no matter where an individual is located at any given time. It also means faster claim processing times, which helps to ease the process for anyone who's ever had a long-winded or frustrating experience with an insurer.
Binu Girija, CEO at Way.com, "For me, what is most exciting about the insurtech industry is the disruption of an industry that hadn't changed in 30 years. Insurance costs will begin to decrease as new ways of doing business evolve and emerging technologies, such as artificial intelligence (AI), come into play. There's a real evolution happening. In return, customers are ultimately winning by getting the best coverage and rates. That's what excites me - is a change for the better."
The overall impression
Insurtech makes insurance more accessible to the masses by simplifying the buying experience. For many, it's a matter of convenience that guides their decision-making process when choosing an insurer or product. In conclusion, insurtech could be expected to continue driving change in the insurance industry, making it a more attractive and accessible option for policyholders.