As pointed out in Insurtech: Processes are Ripe for Disruption, wearable technology can make an impact on the insurance industry’s product development, customer service, and claims processing processes. Wearable fitness devices, like watches and wristbands, are already providing insurers with access to customer data by tracking health behaviors and habits. Insurers are using this data to offer personalized service, improve risk assessment and pricing, and build customer engagement. The health insurance sector, pointed out by Dorota Zimnoch in How Digital Is Disrupting the Insurance Sector, is using IoT and wearable technology in these ways: Vitality, the UK health and life insurer, rewards customers for being healthy by collecting data via wearable devices like Garmin, Polar, Read more
Posts Tagged 'InsurTech'
Recently, Cutter Fellow Steve Andriole took a wide look at insurtech. His insight, and a collection of articles on the topic, appear in a recent issue of Cutter Business Technology Journal (CBTJ). What exactly is insurtech? According to Investopedia, insurtech refers to: the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model.… The belief driving insurtech companies is that the insurance industry is ripe for innovation and disruption.” Steve Andriole has a unique perspective on insurtech having served as CTO and Senior VP for Technology Strategy at CIGNA Corporation, a $20 billion global insurance and financial services company. Writes Steve: The insurance industry is very quickly evolving, Read more
Similar to Fintech revolutionizing the financial services industry, Insurtech is taking the insurance sector by storm with its innovative and possibly disruptive technology solutions. The benefits to incumbent insurers include better engagement with and reestablishing trust with customers, the ability to innovate quicker with improved products, services and distribution, increased operational efficiency and profits, the ability to generate meaningful risk insight, and the opening of new market opportunities for millennials seeking easier means of purchasing insurance. However, the transition to an Insurtech business model comes with its challenges as many insurance companies are mired in old legacy systems and cultural barriers that could serve as roadblocks to adoption. As well, Insurtech startups are replete with Read more