Introduce InsurTech in insurance industry

The insurance industry is in search of growth and efficiencies with technology often in the middle. Technology can improve our productivity, disrupt our value chain, create new risk management opportunities, and open up new insurance markets through innovations. InsurTech is a global phenomenon and one of the fastest growing entrepreneurial industry segments. Innovative technologies disrupting established insurance practices to manage and transfer risk, by:

• Extracting savings and efficiencies from the current insurance industry model
• Addressing changing customer preferences and demands
• Utilizing new data and analysis for better segmentation to enhance both risk pricing and risk selection

How Insurtech Works

The most visible examples of insurtech come from the personal insurance world:

• In-car monitoring devices.
• Wearable activity trackers.
• Customer-facing apps.
• SaaS (Software as a service) platforms that manage insurance coverage and payment.
• In these examples, we see insurance companies leverage better data and customer experience to improve their insurance coverage and make more accurate predictions about risk. Technically Internet of Things (IoT) sensors, Big Data, Business Intelligence to make sense of the risk from the insure person.

But a lot of insurtech is something most of us will never see. In the small business insurance world, for example, insurtech works behind the scenes to increase the options business owners have, keep costs low, and speed the delivery of insurance coverage.

As others have acknowledged, the insurance industry is complex. It’s highly regulated. Insurance companies have been slow to adopt new technologies because they have to comply with laws at the federal, state, and local levels. When outsiders try to revolutionize insurance with technology alone, they often fail because they stumble over these regulations. Insureon, like other successful insurtech companies, considers itself very much a part of the traditional insurance industry. Our carrier partnerships are as vital to what we do as our proprietary technology.

Feel free to contact E-SPIN for assist you adapt the trend for insurance industry, from new digital transformation initiative such as InsurTech to your existing infrastructure availability, performance and security monitoring and testing solution.