Insurtech – Blessing our lives

May 6, 2021

Over the years, the insurance industry has earned a badge of being one of the most boring and troubled industries. But why is that? 

The lack of empathy shown by insurers towards customers, the lack of transparency, and the horrible customer support are only a few reasons.

That’s where Insurtech steps in. It provides customers with a better experience and achieves the ultimate goal of transparency. It allows all parties to be aligned on the same terms and it builds trust between them.

What’s Insurtech?

Combine technology with insurance, and there you have it <Insurtech>, voila! Seriously, it’s that simple. Any new technology that is introduced to the operations of an insurance company to make processes more efficient and move towards digitization is a form of insurtech. 

Some of the top Insurtech companies around the world are Next Insurance, Zipari, MetroMile, and Hala ;).

Is Insurtech the future of insurance?

There is no doubt that the future does not hold spaces for faxing machines. According to a research conducted by Insurance Journal,  Insurtech firms raised $2.5 billion in funding during the third quarter of 2020, an increase of 63% over the second quarter. This exponential rise proves the importance and the great impact digitization has on the industry. 

It may be surprising that until today, there’s a lot of insurer’s who refuse to move towards digitization and are religiously committed to their old tactics. Does this make their business shady? Maybe. Is it actually? Probably.  

When you want to protect the things you love, pick an insurance company that is up to date with the world around us and that would love you back. <3 

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