Insurtech is a combination of “insurance” and “technology”. Insurtech is a technology that lies behind the creation, distribution and administration of insurance business. It is used to make the current insurance model more efficient. It is useful for collecting and analyzing customer data to provide a better service. Big data, artificial intelligence and internet of things (IoT) are the current focus of the insurtech. Insurtech develops and offer the right products at the right time to the insurer.This growth is primarily driven by Empowers Customers to Take Control of Their Insurance, Quickly Summarize and Present the Most Relevant Product and Rising Internet Based Business Ecosystem.
Globally, a noticeable market trend is evident Digitization of Processes and Personalization of Premiums. Major Players, such as Friendsurance (Germany), Oscar (United States), ZhongAn (China), Shift Technology (France), Quantemplate (United Kingdom), Allay (United Kingdom), Analyze Re (Canada), GetInsured (United States), Bayzat (United Arab Emirates) and Trov (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
On 30th January 2019, the digital insurance platform Friendsurance now offers its digital bancassurance solutions under the brand name Friendsurance Business. To serve this purpose, the company has launched a new targeted web presence.
- Empowers Customers to Take Control of Their Insurance
- Quickly Summarize and Present the Most Relevant Product
- Rising Internet Based Business Ecosystem
- Digitization of Processes and Personalization of Premiums
- Insurance Industry Suffers From Image Problem
- Lack of Awareness about the Service
Massive Market Size of Insurtech
Regulations Will Be Barriers for Startups of Insuretech
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