InsurTech, short for Insurance Technology, involves using technological innovations to improve efficiency and reduce costs in the insurance industry. The innovations harnessed in InsurTech typically come from fields such as big data, artificial intelligence, machine learning, IoT (Internet of Things), and blockchain.
InsurTech is premised on the belief that the insurance industry is ripe for innovation and disruption. InsurTech is exploring avenues that large insurance firms have less incentive to exploit, such as offering ultra-customized policies, social insurance, and using new streams of data from Internet-enabled devices to dynamically price premiums according to observed behaviour.
How does InsurTech Work
From mobile apps to big data, machine learning, and Artificial Intelligence, the leading InsurTech companies use a range of innovative tools to enhance the process efficiency in the insurance industry.
Traditional insurance sorts customers into broad groups based on their risk. This can lead to some people paying more than they should. InsurTech startups use real data to create smaller, more specific risk groups. This allows them to offer better prices.
Since InsurTech is new, its uses are always changing. In general, InsurTech makes insurance processes more efficient, improves customer experience, and saves money for insurance companies. Examples include chatbots and smartphone apps that help streamline the process.
How to Develop Successful InsurTech
Developing a successful InsurTech requires a deep understanding of insurance industry dynamics and technological trends. The steps to develop successful involve InsurTech are:
Importance of InsurTech
InsurTech are playing a crucial role in changing how coverage is being applied and settlements are paid for in a number of different ways:
This story is from the September 2024 edition of THE INSURANCE TIMES.
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This story is from the September 2024 edition of THE INSURANCE TIMES.
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"Bancassurance is at the heart of our growth strategy. It allows Bandhan Life to reach more customers and provide accessible, trusted insurance solutions through a familiar network."
About Indranil Dutta - Indranil Dutta brings 23 years of experience in insurance, banking, and sales, with a specialization in bancassurance. As the Chief Business Officer - Bancassurance at Bandhan Life Insurance, he leads the banca sales channel and plays a key role in driving the company's strategic vision of becoming a leading multi-channel life insurer with an expanded presence across product categories.
IRDAI Corner
The Eighth Bima Manthan, the quarterly meeting of IRDAI with the insurance industry was held on 11th and 12th November 2024, in Hyderabad
International Conference on Inclusive Insurance (ICII) 2024
The 20th edition of the International Conference on Inclusive Insurance (ICII) concluded on a high note in Kathmandu, Nepal, after five days of insightful discussions, interactive workshops, and collaborative networking. Hosted by the Nepal Insurers' Association in partnership with the Life Insurance Association Nepal, Nepal Micro Insurance Association, Nepal Insurance Authority, Munich Re Foundation, and the Microinsurance Network, the conference brought together around 500 participants from around the globe. The Insurance Times was the media partner in the event.
How to choose a Health Insurance Plan that fits your evolving needs
When you are single, you might focus on plans with basic coverage and low premiums. As you get married, look for family floater plans that cover your spouse. When you have children, ensure the plan covers pediatric care, vaccinations, and other child-specific healthcare needs.
My View on #20SIRC Conference
The participants include world top reinsurers, brokers, insurers, IT companies, Consultants, and Regulators. As a regulator from Nepal attending the (#20SIRC) was a unique thrilling experience that provided opportunities for learning, networking, and strategic development. Here's a detailed perspective that I had experienced during my visit to Singapore.
