The rise of insurtech startups are continuing to transform the insurance industry as we know it. From lightning speed claims to having a greater purpose, thanks to technology developments and advanced economics insurance is joining the growing industries being disrupted. While insurance does come with its challenges, a handful of insurtechs are proving to be successful. In this post we cover the insurance trends that show promise to make a big impact on the centuries old industry in 2018 and beyond.
It seems more objects than not are connected to the internet in some way or another. Whether it’s traditional technology such as computers, laptops, tablets and smartphones, or the less expected items such as household appliances, toys, cars, and drones; with an internet connection comes the opportunity to save information to what is commonly referred to as ‘the cloud’. But with so many internet-connected-things, surely the cloud is going to run out of space at some point, right? Continue reading →
For this month’s post we have taken a slightly different perspective. After an underwhelming firsthand experience with an insurance company that appeared to have missed the bigger picture, we decided that this edition we’d look at how not to implement digital technology. Continue reading →
2017 looks set to be another big year in technology. However rather than any big new inventions taking centre stage, this year will focus on improving existing technology such as machine learning, mobility, virtual reality, IOT and automated finance. Don’t let this fool you, 2017 will most definitely be an exciting and life-changing year for technology. Some of the more farfetched tech products will be given the chance to refine their concept and become more functional, increasing their adoption in everyday use. Continue reading →
What impact will Insurtech really have on the insurance industry?
The global insurance industry is valued at $8Trillion. According to San Fran based investment bank, Financial Technology Partners, just last year insurtech companies raised a whopping $2.6 billion. The development of new technologies and the Internet of Things have changed the way people do things, creating new opportunities in an already profitable market and leading to the rise of insurtech. As it sounds, insurtech is insurance transformed by technology and has been gaining attention as a resourceful investment for some time now. Half of incumbents believe they will lose 20% of their business to insurtech start-ups. While it is true that there have recently been significant investments in insurtech, we are yet to see any substantial presence in the market. Will 2017 be the year that insurtech starts making an impact? Continue reading →
You have spent months, maybe even years, researching, determining and introducing a new technology or software into your business. New technology and tools can increase productivity, boost sales, and help you make better, faster decisions for your organisation. While you are probably aware of the many benefits bringing a new technology into the company, you may not be aware of the challenge that often lies ahead: getting your employees on board.
Thanks to the shift in the customer experience largely influenced by the World Wide Web and the Internet Of Things, the entire competitive landscape is changing. Consumers now prefer ease over price, insurance included. Consequently, it is the companies that provide frictionless experiences that are both relevant and convenient that will always win. Continue reading →
There are a lot of myths out there about online payments and we’re here to set the record straight. Unfortunately many business owners are still scared of online payments, or think they aren’t necessary for their business. These business owners are in fact missing out on an opportunity to please and attract clients, reduce back office processes and save money. We’ve debunked 7 common myths so your business doesn’t have to miss out any longer.
There would have been a time, not that long ago, where if a company told a customer “do it yourself”, that company would no longer have that customer. But slowly overtime there has been a shift in the role of the customer and their involvement in the delivery of services. We saw it with the demise of the petrol pump attendant (although the UK have revived them for a short time), the introduction of ATMs, and more recently the supermarket checkout. Most predominantly customer self-service can be found on the internet. It appears customer self-service is a lot of work voluntarily taken on by the customer. So why do customers love self-service?
After much research, we predict the following technologies will shake up and change the insurance industry in 2016. What is most interesting is that 4 out of 5 of the technologies weren’t made with the intention of being used in the insurance industry. This raises a lot of questions about the insurance business. Continue reading →