Insurance, a traditionally slow-moving industry, is ripe for a technological overhaul. The current model, built on an outdated infrastructure, is inefficient and often frustrating for customers. The rise of insurtech, a fusion of insurance and technology, is set to revolutionise the industry.
Insurtech aims to streamline and simplify the insurance process, using technology to cut costs and increase efficiency. It can provide personalised policies, instant quotes, and rapid claims processing. This could lead to a shake-up in the industry, with traditional insurers forced to adapt or risk being left behind.
Start-ups are leading the way in insurtech, with companies like Lemonade and Oscar making waves. Lemonade, a property and casualty insurance start-up, uses artificial intelligence and behavioural economics to provide a seamless insurance experience. Oscar, a health insurance start-up, focuses on user-friendly technology and transparent pricing.
Despite the potential benefits, there are hurdles to overcome. Regulatory issues and the complex nature of insurance could slow the adoption of insurtech. Yet, the potential rewards are significant, with the global insurtech market forecast to reach $10.14 billion by 2020. The insurance industry is ready for an upgrade, and insurtech could be the catalyst for change.
Go to source article: https://techcrunch.com/2016/07/10/insurance-is-ready-for-an-upgrade/