Why Should I Even Care About Insurtech?

If you haven’t shopped for insurance recently, you may be in for some surprises. The insurance world is buzzing with news about new insurtech-start-ups, investments by big and small firms in AI technology, and a market finally answering demands for insurance services that fit the way we use technology in the present day.

Insurtech is a good thing for insurance customers, because it brings an age of personalized services, robo-agents that complement live representatives, and cross-platform services that remember your answers to previously asked questions. This great leap forward in digital services is powered by present day technologies like AI, but it’s customer expectations, more than technological advancement, that has insurers across the globe redefining how they offer their services.

In fact, the insurtech era is less about technological advancements and more about customer’s evolving expectations for personalization, transparency, and services that apply AI and other present day technologies.

Customers’ Evolving Expectations Are Powering Insurtech’s Rise

Bain Insights recently wrote: “…the rise of digital products and services has moved technology to the centre of company strategy, particularly in industries such as financial services, retail, telecom and media.” This decade is one marked by the normalization of many advancements in personal technology.

We all have phones, we’re always connected, welcome to the present. This decade has also made images of office workers sending forms through letter-mail in duplicate requiring signatures in ink by a prospective insurance services client, who then must return-send the package and wait six weeks for processing, a little exhausting.

The insurance industry is historically slow to change and adopt new technology. How the industry is responding to the insurtech era is complex, involving small start-ups finding niche markets; big firms investing heavily in total changes to their operations; and enterprises that represent partnerships between new and old, big and small. A consumer shopping for a new insurance service provider would benefit from knowing the approach small tech-start-ups and big legacy firms are taking in adopting insurtech, and the differences between the two.

Insurtech Creates a New Landscape

Big firms incur large costs from total changes, and those changes can take a while to complete. Start-ups, on the other hand, can decide exactly how to meet today’s challenges from the beginning, and their initial light-weight makes it easy for them to respond to evolving customer demands.

Small start-ups have weaknesses too: they often go under quickly because they lack the experience and historical data that centuries old businesses have. It’s not surprising that the most successful launches of new insurance technology are made by enterprises that partner the old world of legacy-knowledge with the new world of tech-savvy insurers, enterprises like aha insurance.

We’re lucky to have a team that’s excited about present-day technology and ambitious about adopting insurtech, but it’s fundamental to our services that we marry current-technology with historical-knowledge.

The technology our customers interact with, like our robo-agent Igins, support the services our team of representatives provide through live conversations. Because of our partnership with Zenith Insurance company, and the century of combined industry experience our team has, we can back our high-tech digital services with security, stability, and great people who can answer the most complex questions about insurance today.

If you haven’t shopped for insurance recently, you may be in for some surprises.

The insurance world is buzzing with news about new insurtech-start-ups, investments by big and small firms in AI technology, and a market finally answering demands for insurance services that fit the way we use technology in the present day.

Insurtech is a good thing for insurance customers, because it brings an age of personalized services, robo-agents that complement live representatives, and cross-platform services that remember your answers to previously asked questions.

This great leap forward in digital services is powered by present day technologies like AI, but it’s customer expectations, more than technological advancement, that has insurers across the globe redefining how they offer their services.

In fact, the insurtech era is less about technological advancements and more about customer’s evolving expectations for personalization, transparency, and services that apply AI and other present day technologies.

Customers’ Evolving Expectations Are Powering Insurtech’s Rise

Bain Insights recently wrote: “…the rise of digital products and services has moved technology to the centre of company strategy, particularly in industries such as financial services, retail, telecom and media.” This decade is one marked by the normalization of many advancements in personal technology.

We all have phones, we’re always connected, welcome to the present. This decade has also made images of office workers sending forms through letter-mail in duplicate requiring signatures in ink by a prospective insurance services client, who then must return-send the package and wait six weeks for processing, a little exhausting.

The insurance industry is historically slow to change and adopt new technology. How the industry is responding to the insurtech era is complex, involving small start-ups finding niche markets; big firms investing heavily in total changes to their operations; and enterprises that represent partnerships between new and old, big and small.

A consumer shopping for a new insurance service provider would benefit from knowing the approach small tech-start-ups and big legacy firms are taking in adopting insurtech, and the differences between the two.

Insurtech Creates a New Landscape

Big firms incur large costs from total changes, and those changes can take a while to complete. Start-ups, on the other hand, can decide exactly how to meet today’s challenges from the beginning, and their initial light-weight makes it easy for them to respond to evolving customer demands.

Small start-ups have weaknesses too: they often go under quickly because they lack the experience and historical data that centuries old businesses have. It’s not surprising that the most successful launches of new insurance technology are made by enterprises that partner the old world of legacy-knowledge with the new world of tech-savvy insurers, enterprises like aha insurance.

We’re lucky to have a team that’s excited about present-day technology and ambitious about adopting insurtech, but it’s fundamental to our services that we marry current-technology with historical-knowledge.

The technology our customers interact with, like our robo-agent Igins, support the services our team of representatives provide through live conversations.

Because of our partnership with Zenith Insurance company, and the century of combined industry experience our team has, we can back our high-tech digital services with security, stability, and great people who can answer the most complex questions about insurance today.

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