Anyone who has ever experienced an accident or trauma will tell you that insurance is essential to survival. It can provide a safety net for your family or business; help you get back on your feet and protect you from overwhelming bills. Yet, the very companies that we depend on to be there for us when things go wrong are basing their policies and products on outdated, incorrect data which not only costs them money but could also damage their consumers in the long run. And while other businesses rely on thousands of data points to make every decision, the…


Some of the pioneers throughout time have opened the floodgates for new movements, eras, and even revolutions. When in 1957 the Soviets successfully launched the first-ever satellite into space, they kicked off a space race that would just 12 years later see America put the first man on the moon. Today, countries from every continent are pushing further into the great unknown to take space exploration to new heights, showing that once a revolution is ignited, the speed at which it develops is exponential.

Insurance in Asia finds itself in a similar situation. What started with simple automation of paper-based…


Insurance companies generate millions of personal and sensitive data from their customers, information that is critical to their business. Today, more than ever, all the management, control, and custody of this information is on systems. Business is being completely digitized as well as all client interaction. The responsibility for information security, and cybersecurity, on the part of insurers gains, added weight due to the quantity and criticality of the data that is processed and stored.

Undue access to confidential organizations’ data, or its tampering, can lead to loss of confidence on the part of customers, reputational damage, loss of intellectual…


It is for a fact that new and emerging technologies will fundamentally change how risk is assessed, how products are developed & how customers interact with insurers. Value chains will be adjusted to accommodate, and insurers and brokers that are not only able to integrate these advances into their current value chains but also develop entirely new ways of doing business will be the leaders in the industry in the coming decades. However, even as the industry moves in this direction, the role of humans will not diminish. …


Insurtech refers to the use of technological innovations to redesign the current insurance model, looking to seek more savings and efficiency.

Venture capitalists are betting that the insurance industry is ripe for disruption as the more established firms have been in existence for as long as 300 years with very little change to the way they offer their products. Through innovation and artificial intelligence (AI), insurtech companies are looking to offer ultra-customized policies, social insurance, and dynamic price premiums.

Traditionally, insurance works by applying broad actuarial tables to assign policy seekers to a risk category, putting enough people in similar…


We all know that the insurance industry is slow when it comes to digital adoption. That is why it is great to know that most insurers will now position at least three tech components in their improvement paces after developing their stack over the past year — with game-changing differentiators for consumers, whilst solving lingering issues as they seek to actualize the value of their new technology.

What Are These 3 Tech Components?

1. Bold Actions Following Insurtech’s Explosion

First, even as insurtech has grown in size over the last decade, the pandemic accelerated the industry’s need for digital solutions. Cybersecurity protection, big data, digital payments, virtual claims management, remote work access…


Digital insurance — creating digital-first services for consumers — is no longer a nice-to-have. This imperative is not about new applications, it’s about innovation in the insurance industry and making the customer experience better.

Leading digital insurance companies understand today’s requisite customer-centric focus and thoughtfully build their strategies to extend beyond the traditional view of insurance.

Insurance companies today continually rethink their offerings and the ways they engage with customers. Taking a digital-first approach, they need to provide customers with the same engagement levels they’ve come to expect from other fully digitalized industries. …


Insurtech has made vast improvements in fraud detection via AI algorithms. IoT devices and drones have made it possible for insurance companies to collect vast amounts of detailed, sophisticated data in ways that simply weren’t possible before. Technologies like blockchain have made customer data safer and more secure than ever before.

Insurtech (short for “insurance technology”) is a broad and evolving category of modern technologies that are rapidly changing the insurance industry. Insurtech has become a shorthand for any technology being used by insurance companies to help it run more securely, quickly, and effectively.

There’s not only one specific “type”…


The future of insurance is here. Insurers can no longer wait on the sidelines. They must get in the game. And that’s the game of who will win the hearts and wallets of tomorrow’s insurance customer. Your competitors give consumers frictionless buying experiences. For insurers to keep pace, they must use technology to increase digital maturity across the customer journey and value chain. But technology alone won’t drive sustainable competitive advantages. Partnerships, people, products, and processes will factor heavily into four themes that will shape the future of insurance.

Insurance Companies Will Focus On Solutions, Not Products, To Stay Relevant


Generation Z came of age at a time when startup companies are using AI to simplify purchasing, communicate directly with customers, and apply analytics to their business. But frankly, this generation may not remember services or products without voice activations, personalized buying suggestions, and chatbots. As Gen Z becomes more influential as consumers, their expectations for services and interactions will include many AI-based offerings. Add the purchasing power of the Millennial generation with that of Gen Z, and all businesses must evolve to meet these collective expectations for technology.

The insurance industry, like many others, is quickly adapting and integrating…

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