I am honored to be chosen as a Co-Author of The InsurTECH Book. My contribution ‘Discover What Real InsurTech Startups Do Differently’ is part of the first chapter: What is InsurTech?
The insurance business has a break-down. Premiums, profits, and policy holder’s satisfaction are decreasing. Digitalization and InsurTech can fix this. But don’t muddle up the two concepts. The differences between InsurTech and insurance digitalization are critical for insurer’s success!
Car insurance is the most broadly held general protection cover in the United Kingdom (and in other parts of the world), with about 3/4 of all households purchasing it in 2016. Nevertheless, the similarity of these insurance covers prompts competitors starting a price war. This actions result in decreasing customer loyalty and increasing acquisition costs.
For insurance corporations, the use of data has not changed in any way for the past couple of decades. Since the inception of new technologies like the internet, the internet of things, and machine learning the volume and analysis of data has increased tremendously. Why does Insurtech have the ability to screw up the heart of insurance?
Insurance has a hard time. Safeguarding clients against daily risk and providing them peace of mind has earned the insurance sector profits for decades. But something seems to have changed …