The Evolving World of InsurTech

Insurance is a tedious subject. That is something you may hear from individuals who do not know any better. Those who are adding value recognize that insurance is home to some of the most exciting technological developments.

During what you may call the Fourth Industrial Revolution, where everything connects via cyber-physical systems and is tech-driven, companies have a myriad of options to choose from. A PwC report suggests that 74% of people see FinTech innovations as a challenge.

Despite these growing trends, there is a disparity between the perceived level of change and insurers’ readiness to invest to guard against and capitalise on the advancement. Although 43% of industry players think FinTech is at the centre of their business objectives, just 28% investigate collaborations with FinTech businesses and, only 14% actively engage in vetting.

InsurTech – The Changemaker 

Even if most of the major insurers are already involved in the InsurTech ecosystem, the remaining players are likely to identify or revise the methods for investigating, creating, integrating and nurturing innovation within their organizations. The sooner an insurers’ strategy is refocused on InsurTech, the more likely it is to capture market share.

Now, startups, business owners and legacy insurers are slowly realizing the importance of partnering with technology firms. It is where InsurTech exploration makes a difference. InsurTech has emerged as a significant force to reckon with in the insurance sector, but it is not a panacea. Master the art of making your firm’s innovations work for you by focusing on the qualities that make your organization special.

InsurTechs are technology-driven insurance companies that use technological innovations to provide coverage to a younger, more technologically savvy user base. InsurTechs, like FinTechs, are spreading creativity all across the industry, posing a potential challenge to stalwarts but providing potentially lucrative opportunities for collaboration in the shifting landscape. Instant digital transactions that are carried out seamlessly across digital channels are becoming the norm.

Riskcovry’s InsurTech Solution

Riskcovry, a leading insurance technology company, uses InsurTech solutions to offer customers a one-stop-shop platform for all insurance needs. Selected amongst 18 startups in the country at the India FinTech Awards 2019 and a recipient of the Top 21 InsurTech Awards based on unique value proposition, scalability plan and product-market fit, this company is an ideal choice. 

What’s in it for you? 

  • Using Riskcovry’s API and SaaS technology without the usual overhead of creating teams, technology, licences and processes can enable insurance distribution businesses.
  • A single centralized platform takes care of all your tech, insurance and compliances. 
  • Customer experience with sharp integration is ensured. 
  • You can get a scalable blueprint and financial flexibility. 

Why is InsurTech an integral part of Riskcovry?

With the InsurTech solution, digital insurance for your business becomes a cakewalk. Automating your omnichannel distribution can benefit your business tremendously. The APIs allow for a seamless plug-and-play operation. A front-end user faces no disruption across assisted, bundled or DIY channels.

Its seamless integration of data across CRM, banking and accounting systems allows businesses to focus on organizational goals. API metering enables you to pay, based on your usage. With InsurTech solutions at Riskcovry, it is scalable to meet all business needs.

With its Fast GTM, there is no need to invest in technology, carrier alliances, regulatory compliance or insurance servicing. It allows you to keep and grow the value of your digital brand. Further, cross-selling enables you to get more money out of your existing consumers. It also provides a personalized customer experience based on the distribution network and commodity.

Riskcovry believes in creating micro-sachet products, which is another trend for those opting in the insurance tech space. This new way of buying insurance is becoming increasingly popular among people of all ages. Riskcovry assists with product recommendations and price discovery, allowing for a seamless omnichannel digital purchase journey from start to finish. Its highly configurable products across industries like Life, Non-life and Health aid the InsurTech solutions it offers.

Conclusion

The insurance industry is on the brink of disruption. As technological revolution continuously reshapes the next-generation insurance ecosystem, the risks InsurTechs pose to existing business models are serious. Insurers must assess the creative ecosystem, evaluate their in-house operational expertise to InsurTech solutions and weigh their alternatives for progressing further, ranging from automating operations to purchasing or collaborating with InsurTechs.

It is up to you to decide if you wish to enable the InsurTech value chain or disrupt it. Contact us to move up this value chain.