Components of Insurtech

 

Components of Insurtech

 Insurtech implementation includes technology-based and solutions-based components.

 

From the Technological Perspective

Artificial intelligence (AI)

AI speeds up and improves human tasks. AI-powered chatbots can help customers navigate a website and choose a product.

Machine learning (ML)

AI includes Machine Learning. Insurance firms acquire large volumes of data about their clients' needs. Risk modelling using collected data (when data is used to predict future losses). Demand modelling helps anticipate and estimate premiums.

 Internet of Things (IoT)

 Connected IoT devices may gather data for risk assessments. Taxi business cars include GPS trackers, for example. These trackers capture speed, braking style, and position to estimate safety and accident risk. Wearable technology data may also be utilised to assess health risk trends. Insurers may give rebates for utilising such devices.

Smartphone apps

 Individuals and corporations may create apps. Apps let clients and insurers choose insurance more easily.

Drones

 Drones are used to assess properties in earthquake, liquefaction, erosion, or storm-prone zones. They may assess construction or accident sites.

Blockchain technology

 Blockchain increases data security, creates confidence between insurer and insured, and reduces transaction costs. This technology frees resources, handles claims swiftly, and improves data collecting.

Advanced Analytics

 With data analytics, insurance businesses may better focus goods and services to client demands. They can handle claims fast and tailor marketing to each customer, providing them a competitive advantage.

 

From the Varied Solutions Perspective

Appetite solutions

Appetite solutions helps brokers and agents identify a client's policy among providers. This enhances agents' efficiency, simplifies transactions, and gives insurers more underwriting alternatives.

 

Data solutions

 Companies must better exploit their data in the data-driven insurance sector. With data solutions, linked systems provide actionable data.

Payment solutions

 Automate insurance claims and payments. Payment solutions digitise systems and simplify payments. Improve company chances by streamlining the payment process.

Quoting solutions

 Customers often find traditional quoting procedures laborious and annoying. Quotation solutions let agents submit information for a pre-approved quote. This reduces wait time both agent and client, who may be weighing choices.