{"id":14983,"date":"2020-11-04T09:09:21","date_gmt":"2020-11-04T09:09:21","guid":{"rendered":"https:\/\/codeandpepper.com\/?p=14983"},"modified":"2023-12-21T10:22:05","modified_gmt":"2023-12-21T10:22:05","slug":"insurtech-industry-guide","status":"publish","type":"post","link":"https:\/\/codeandpepper.com\/insurtech-industry-guide\/","title":{"rendered":"InsurTech Industry Guide: All You Need To Know About Insurance Technology"},"content":{"rendered":"\n<p>InsurTech stands for <strong>insurance technology<\/strong>, but this term can still be considered pretty abstract. After all, how can cutting edge technology work in the insurance industry? As with all innovative ideas, there are many ways to reach the goal. Read on to learn all you need to know about <strong>InsurTech industry<\/strong>: its history, how it\u2019s used to make life easier and accelerate business, and what its future is going to look like!<\/p>\n\n\n\n<!--more-->\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"864\" height=\"450\" src=\"https:\/\/codeandpepper.com\/wp-content\/uploads\/2020\/11\/insurtech-guide.jpg\" alt=\"insurtech guide\" class=\"wp-image-14984\" srcset=\"https:\/\/codeandpepper.com\/wp-content\/uploads\/2020\/11\/insurtech-guide.jpg 864w, https:\/\/codeandpepper.com\/wp-content\/uploads\/2020\/11\/insurtech-guide-300x156.jpg 300w, https:\/\/codeandpepper.com\/wp-content\/uploads\/2020\/11\/insurtech-guide-768x400.jpg 768w, https:\/\/codeandpepper.com\/wp-content\/uploads\/2020\/11\/insurtech-guide-361x188.jpg 361w, https:\/\/codeandpepper.com\/wp-content\/uploads\/2020\/11\/insurtech-guide-192x100.jpg 192w, https:\/\/codeandpepper.com\/wp-content\/uploads\/2020\/11\/insurtech-guide-720x375.jpg 720w, https:\/\/codeandpepper.com\/wp-content\/uploads\/2020\/11\/insurtech-guide-432x225.jpg 432w\" sizes=\"auto, (max-width: 864px) 100vw, 864px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-exactly-is-the-insurtech-industry\">What exactly is the InsurTech industry?<\/h2>\n\n\n\n<p><strong>What is InsurTech<\/strong>? InsurTech is an umbrella term for all technological solutions that enable insurers to implement new services or save costs while streamlining the existing ones. The concept is incredibly smart. In fact, it has emerged as a natural answer to the needs of customers demanding new, simpler ways of dealing with insurance companies.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.salesforce.com\/video\/4450698\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">According to Brad Rutta<\/a>, former Chief Digital Transformation Officer with Generali Global Assistance in the US, InsurTech appeared after banks started offering their online and app based services and the customers loved them for their simplicity and usability. It was only a matter of time before other financial institutions went in their footsteps. In fact, when it finally happened, it hit the bull\u2019s eye. In 2016\u20142018, InsurTech investments reached <a href=\"https:\/\/www.insuranceup.it\/en\/scenarios\/insurtech-global-outlook-2019-investment-growth-but-big-tech-are-looming\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">$11.2 billion<\/a>. It\u2019s twice the amount for 2010\u20142015 and we can safely assume that the trend is only going to accelerate.<\/p>\n\n\n\n<p>InsurTech can be considered a sub-type of FinTech, as it\u2019s hard to define it in a very specific way and it refers to a variety of technologies. Generally speaking, it can be divided into 3 main categories:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>usage-based insurance<\/li><li>health insurance<\/li><li>peer-to-peer insurance<\/li><\/ul>\n\n\n\n<p>Each of them focuses on different services, but they all share one common aspect: they use digitalization to provide customers with a better experience.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-usage-based-insurance\">Usage-based insurance<\/h3>\n\n\n\n<p>While traditional car insurance has a fixed price (depending on a number of static conditions), the InsurTech alternative allows drivers to save money by charging them only for how much they actually use their cars. Moreover, it encourages driving less and in a safer manner through <a href=\"https:\/\/www.tandfonline.com\/doi\/full\/10.1080\/00140139.2015.1127428\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">gamification<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-health-insurance-with-insurtech\">Health insurance with InsurTech<\/h3>\n\n\n\n<p><strong>InsurTech industry<\/strong> companies use big data to perform more accurate calculations and offer customers traditional health insurance at a more affordable price. There is more to it, though. Thanks to InsurTech apps it\u2019s easier to purchase insurance and access information such as the nearest doctor\u2019s address or even book a visit or contact the help desk with a built-in chat.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-peer-to-peer-insurance\">Peer-to-peer insurance<\/h3>\n\n\n\n<p>S<em>ocial insurance<\/em> is a concept based on the collaborative consumption model. It assumes that it may be more cost-effective to gather in a group and collect a pool fund that would cover medical bills of the members, either directly or via a selected insurer. How it works is brilliantly simple: smaller sums needed to pay for medical bills come directly from the money collected in a group fund of the social network. If the bill is too high, it\u2019s covered by insurance. Now, however, technology can make insurances more accessible, customer-friendly and effective in terms of administration.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-technologies-used-in-insurtech\">Technologies used in InsurTech<\/h2>\n\n\n\n<p>Having established how customers can benefit from InsurTech (mainly by saving money and having an easier access to services), let\u2019s focus on the technical aspect. After all, we\u2019re talking about insurance <strong>technology<\/strong> here and the companies try their best to use whatever the scientists come up with to up their game.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ai-machine-learning\">AI &amp; Machine Learning<\/h3>\n\n\n\n<p>Artificial intelligence can be helpful in a number of ways. Basically, it allows for transferring tasks which would traditionally require a human to be performed to computers. In a nutshell, AI lets companies do more with less staff. When implemented correctly, AI-based speech recognition can make customer service more effective by collecting basic information from the customers before transferring them to human operators. AI-assisted image analysis is not only fast, but also more and more accurate, so verification of documents can be automatic and instant. Machine learning, which is a sub-type of AI, is present on all layers of the InsurTech technological stack and constantly analyses all sorts of data. It lets the IT system learn from its experiences and include input from the outside world. As a result, the AI becomes better at drawing accurate conclusions and predicting possible results of the events.<\/p>\n\n\n\n<p>Most common uses of AI and Machine Learning in InsurTech are:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Personalised services<\/strong> that are more appropriate for the needs of individual customers.&nbsp;<\/li><li><strong>Precise price adjustments<\/strong> possible thanks to the holistic understanding of data and massive computing power.<\/li><li><strong>Data analytics <\/strong>for more accurate claims predictions and business planning.<\/li><li><strong>Chatbots <\/strong>that can use natural language and manage more customer inquiries in less time, than human staff could ever do.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-internet-of-things\">Internet of Things<\/h3>\n\n\n\n<p>Almost every device we use daily can be connected to the Internet. Sometimes even refrigerators are online, not to mention smartphones or machines in factories. With such access, insurers can keep track of how these devices are used and interact with customers to provide instant help. It means two basic InsurTech uses of IoT:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Smart communication.<\/strong> As everybody nowadays has a smartphone that is always online, insurers can not only offer traditional phone-based communication, but also a variety of services that can be used or purchased in-app. A help desk chat is the most popular one, followed by access to all information about the bought insurance policy from all around the globe.<\/li><li><strong>Telemetry.<\/strong> It enables massive data collection, quick claim processing and determining appropriate discounts based on the customer\u2019s behaviour. The Usage Based Insurance model is the best example of what\u2019s possible thanks to IoT and it\u2019s not limited to car insurance. More and more industries start using IoT telemetry. The most notable is agriculture, where the famous tractor manufacturer John Deere monitors how their machines are used to provide better technical service. Obviously, they also make more money by somewhat monopolising the repairs, which is another, controversial topic.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-robotics-role-in-the-insurtech-industry\">Robotics role in the InsurTech industry<\/h3>\n\n\n\n<p>While it may be surprising, InsurTech employs robotics for a number of reasons. Most important ones are <strong>assessing damages<\/strong> and <strong>minimising risks.<\/strong> What autonomous machines are going to become common on accident sites and in our cities in the next few years?<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Drones <\/strong>are not only fun toys and tools popular among photographers, because they allow for cool shots. Thanks to their mobility, they can observe accident sites from above and inspect places that are difficult to access, such as sites of natural disasters (not to mention that they can help find casualties). <a href=\"https:\/\/www.dig-in.com\/news\/how-chubb-is-utilizing-drones-ai-and-blockchain-for-data-analytics\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Chubb<\/a>, a large US insurer, is already deploying drones to quickly and accurately assess damages caused by hurricanes and wildfires across the country.<\/li><li><strong>Autonomous vehicles <\/strong>are meant to minimise the number of road accidents. Major car manufacturers, such as Ford and Tesla are working on this technology right now. Since such cars need to be connected to the IoT at all times, they send telemetry data and their insurance cost can be <a href=\"https:\/\/www.valuepenguin.com\/how-autonomous-vehicles-could-change-auto-insurance\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">built in the price of the automobiles<\/a> themselves. Volvo had already claimed that they were going to take full liability for any damage caused by their autonomous vehicles. It lets us believe that InsurTech is going to affect car prices too.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-blockchain\">Blockchain<\/h3>\n\n\n\n<p>Insurers need to deal with huge amounts of sensitive personal information, so <a href=\"https:\/\/codeandpepper.com\/fintech-security-standards-and-requirements\/\">security is crucial <\/a>both for them and their customers. In order to keep their systems as tight as possible and prevent data leaks, many InsurTech companies decide to use <a href=\"https:\/\/inmediatesg.medium.com\/what-is-blockchains-vital-role-in-insurtech-66cbff4d0edf\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><strong>blockchain technology<\/strong><\/a>. Actually, this relatively new concept is virtually revolutionizing all sectors, not just insurances. It works by distributing data into <em>blocks<\/em><strong><em> <\/em><\/strong>that form <em>chains<\/em>, similar to the DNA code. In order to read the information, the whole chain is needed, but blocks are never stored in the same place and get distributed over a dispersed network instead. Since there is no centralized data storage, it cannot be hacked and without inside help, criminals cannot access anything valuable.&nbsp;<\/p>\n\n\n\n<p>Blockchain is also vital for <a href=\"https:\/\/searchcompliance.techtarget.com\/definition\/smart-contract\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">smart contracts<\/a>. Simplifying, they are a secure way of verifying information and identities, both of which make business so much easier. Imagine switching an insurance company. Normally, you would have to sign a contract personally and deliver it to the company\u2019s office, for example by post. With security provided by blockchain, you can do it within an app in a blink of an eye. From the industry perspective, the biggest benefit is probably rebuilding trust \u2013 after all, it\u2019s the cornerstone of the whole sector.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-insurtech-industry-is-changing-the-world\">How InsurTech industry is changing the world<\/h2>\n\n\n\n<p>By addressing the customer needs (including those they didn\u2019t even know existed just a few years back) and reducing operating costs, InsurTech revolutionizes the whole insurance industry. Let\u2019s sum up the key applications of the new technologies we\u2019ve discussed above:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/codeandpepper.com\/innovations-improving-fintech-customer-experience\/\"><strong>Better customer service<\/strong><\/a>, thanks to quicker data analysis, new communication channels and AI that unburdens the hardworking staff of the insurance companies.<\/li><li><strong>On-demand services<\/strong>, which are not just VOD. Smart insurers let you buy specific products as you need them. Going for a skiing trip? You can just click a button in your app to make sure you\u2019re covered in case of an accident.<\/li><li><strong>Predictive analytics<\/strong> assisted with machine learning lets the companies assess the number of claims in a more and more accurate way. They can polish their operating models and offer better prices, while increasing the incomes as a result.<\/li><li><strong>Improved security<\/strong>, which is so important in times of constant data flow.<\/li><\/ul>\n\n\n\n<p>InsurTech is also influencing the IT industry, as many in-house software development departments don\u2019t specialize in the technologies needed in this sector yet. Nowadays It\u2019s quite common for insurers and startups to <a href=\"https:\/\/codeandpepper.com\/services\/insurance-insurtech-software-development\/\">hire specialized teams from independent software houses<\/a>, such as Code &amp; Pepper.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>InsurTech stands for insurance technology, but this term can still be considered pretty abstract. After all, how can cutting edge technology work in the insurance industry? As with all innovative ideas, there are many ways to reach the goal. Read on to learn all you need to know about InsurTech industry: its history, how it\u2019s<a class=\"moretag\" href=\"https:\/\/codeandpepper.com\/insurtech-industry-guide\/\"> Read the full article&#8230;<\/a><\/p>\n","protected":false},"author":20414,"featured_media":14984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1688],"tags":[1663,1661,1624,1629,1662,1664,184],"class_list":["post-14983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech-business","tag-ai","tag-blockchain","tag-guide","tag-insurtech","tag-iot","tag-machine-learning","tag-technology-solutions"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>InsurTech Industry Guide. 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