Benefits of Insurtech

 

The benefits of insurtech are manifold for consumers and insurers:

For the Consumer

Empowering the consumer: Insurtech allows customers to value any part of their lives. It covers family, friends, and community members. Consumers are involved from registration through claims and may choose the claims jury panel. Customers gain from increased knowledge and involvement.

Convenience and ease of access:

Most customers do everything on their phones nowadays. They want mobile insurance. Mobile-friendly insurtech lets customers compare, verify, and decide from home. Consumers and insurers may monitor claims status via a mobile device.

increased security and customization: 

Insurtech firms implement strict anti-spam and security procedures to protect online customers. It lets the insurance company to gather and analyse customer data, allowing for enhanced products.

 

For Insurance Providers

Fraud prevention saves time and money, especially in customer ID and anti-money laundering.

Automate data gathering and recordkeeping to simplify underwriting.

Introduce peer-to-peer (P2P) insurance, where groups of consumers pool premiums as protection against any risk.

Smart contracts may be used to promote creative new goods.

Reduce mistakes, automate claims, and enforce contracts

 Telematics for "pay-how-you-drive" and usage-based vehicle insurance

Peer-to-peer insurance and other disruptive models

AI-assisted fraud detection and service

Internal workflow automation with Robotic workflow automation (RPA)

Machine learning to automate claims processing