Digital evolution continues to roll into various industries. Instant gratification has become a normal service to expect from companies. E- Commerce has shifted the way we purchase goods, fintech will influence the way we bank, invest and insure valuables. 2016 saw the first insuretech connect conference. Among the discussions was the threat and opportunity of automation within the insurance sector.
Jon Kelly, CEO of Kelly Klee online insurance brokers, pointed out that the move into automation will not dispel the need for insurance brokers: ‘Agents and brokers will survive and prosper in the lines and locations where they add value as trusted advisors.’ However companies should still take note of the changes within the sector. Below are a few emerging insurtech start-ups and their offerings.
Start-up insurtech companies are making it simpler for customers to apply, qualify, and shop for insurance. Trov , an on demand mobile insurance company covers, theft, accidental damage and loss. Applying and claiming can be done via mobile. Ladder enables customers receive life insurance quotes within seconds. Applying and personalising the cover that can be completed online, Fabric also allows for digital application for life insurance.
We are seeing an increase of insurance companies specifically dedicated to digital companies. These start-ups aim to make the application process seamless while taking into account the logistics and technical challenges that may arise with digitally-focused companies. Digital, risk-built for tech companies, offers a flexible, pay-monthly insurance as a service model. This means the founder of the company can start off by protecting their laptop and end up with an employer liability insurance as the company grows. Simplesurance specialise in product insurance for e-commerce providers. Insly is a cloud platform for insurance brokers. Brokers can search, manage clients and polices via the platform.
Chat bots and robo advisors are just some of the advancements taking the lead in the financial sector. Insurtech start-ups are relying on the use of A.I to assist customers in selecting a better insurance cover and apply for a cover. Brolly uses A.I technology to assist customers in assessing if they are under covered, over covered or missing a cover. The app also helps in finding a cover that is economically suitable. Digital Fineprint uses machine learning technology to make insurance recommendations by using one’s social media data. Spixii allows for customers to manage and buy insurance through a chat bot.
By: Khumo Theko
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