Hesus Inoma, CEO and Founder of InsurTech startup WeSavvy, explains how in an increasingly connected world, insurers need to embrace emerging technologies to meet consumer demand.
InsurTech providers are working on key concepts aimed at transforming the industry model through a variety of innovative technological advancements. Many of these trends are published and discussed year on year, however very few of the trends have been progressed by incumbents and have not been yet embraced in a meaningful and mainstream way.
This article discusses the trends that feature predominantly in the future of insurance and how the industry can embrace such concepts for the ultimate benefit of the customer.
Rather than discussing InsurTech providers, we will focus on a number of innovative concepts aimed at transforming how the industry currently operates. We will identify some key InsurTech providers operating within the space who contribute towards progressing these trends. In addition, emphasis will be placed on how these trends can be of practical use to the insurance industry, with a view to improving our ways of working, dealing with our customers and delivering real, efficient value. Finally, we will discuss the most widely acknowledged game changer in insurance delivery – Internet of Things (IoT).
Of the vast number of innovative trends that frequently appear on InsurTech lists, this article will concentrate on four key trends:
- Putting the customer first
- Ability to turn your cover on and off / just in time insurance
- Sharing economy
- New sources of data