How insurance goes digital: thought-provoking InsurTech cases

For quite some time, the insurance industry was lagging in digital innovation. However, thanks to InsurTech, the sector is currently undergoing a complete evolution that is sure to improve efficiency, customer satisfaction, and foster the achievement of various strategic objectives. 

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InsurTech funding is for sure booming. According to Willis Towers Watson, the 2019 Q3 financing of the InsurTech industry was USD 1.5 billion over eighty-three deals. This figure was 6 percent higher than the total amount raised in Q2 2019 and the third-highest for worldwide InsurTech investment to date. 

According to Business Insider, when it comes to the level of adoption, we can expect InsurTech to be the biggest in Europe and America. It is understandable since these locations have advanced and mature insurance sectors. That said, who will benefit from this technology? The target market for InsurTech solutions is predominantly retail customers, for instance, small enterprises and consumers.

Another notable thing is that insurance brokers are sure to be the most affected by the InsurTech disruption. It is because the solutions provided by InsurTech can quickly replace their services. 

Regarding technology, a report by Mckinsey concludes that big data and machine learning are the most adopted concepts in InsurTech at 20%. Usage-based insurance technology comes in second (13%), and finally, the IoT (12%) winds up the top three. That said, let us now examine six cool InsurTech solutions:

Lemonade

It is a renowned InsurTech startup that is out to offer protection of your properties as well as houses. While Lemonade is known among customers for many things, it is widely appreciated for the unconventional fees. These low charges can be attributed mostly to the fact that the firm has automated its internal functions extensively. 

Before, when claims were assessed using manual systems, it took a whopping eleven days to make a decision.

But once automation was implemented in the process, a majority of claims were processed by faster chatbots. In turn, it meant that decisions could be made in only a matter of seconds. 

If there is a need to transfer a specific case to a human team, the automation ensures the same is done fast. Consequently, the duration of settling a claim is significantly cut down to one day at most. 

Platform for Trading Insurance Assets

This is an MVP dev project that our company has been working on for one of our clients. This InsurTech product provides a digital marketplace for the structuring, issuing, and trading of various insurance assets. Given that it leverages a marketplace platform, this solution allows both insurance and reinsurance firms to connect with investors to trade insurance-linked securities. 

TrackActive

TrackActive provides patients and their medical experts with a seamless way of cooperating in their treatment programs. With this application, a medical professional is able to monitor what the patient is doing. Moreover, he or she can assess the risk posed by specific injuries, guide them against going contrary to the treatment plan, and, most importantly, assist them in healing fast. 

TrackActive collects data from the patient via smartphone or smartwatch. Regardless of the device being used, they all serve to monitor the patient’s physical engagements, their heart rate, and blood pressure. Further, this information is assessed to provide the medical expert with insights regarding the patient`s progress, the emerging risks, and suitable mitigation strategies.