As we all know it, the insurance industry, like so many others, is in a state of upheaval that will continue to play out this year. The disruptive forces at work in the industry have come into sharper focus over the past 12 months, and industry players across the board are now in motion as
In the past few years, we have seen feverish growth in the visibility of insurance’s digital transformation. But as the movement gains in maturity, what’s next? Let’s look at a range of predictions to see if a roadmap is emerging for the direction of the industry. Here are some of the most pressing questions: Is
Insurance has been around for centuries. As early as a thousand years ago, Chinese merchant seafarers were pooling together their wares in collective funds that would help pay for the damages of any individual’s capsized ship. While technology has changed industries over the past decade, in many ways, the multi-trillion-dollar global insurance industry is still
Anyone involved in the financial services industry is sure to have heard of blockchain technology. However, regardless of the term’s popularity, many insurance professionals only have a vague idea of how it works. The best way to understand blockchain is to contrast it with email, which involves an exchange of content, that if a person
We’re almost done again for 2019, so what should the industry expect from insurance technology over the next few months? For many years now insurtechs have been very passionate to talk about their disruptive effect on an industry that some have painted as conservative and even moribund. That said, 2019 will see the cold reality
There is no doubt that our world is changing fast and technological growth is leading to changes in all business sectors. The target of these changes is to make the process of purchasing products and services more convenient, cheaper and smarter. In relation to the insurance field, the introduction of new technologies to the market
Just like any other established industry, the insurance sector has a reputation for being resistant to change. But who can blame these people who work in this industry? Avoiding the risk and huge changes are in their DNA. But as time moves on, modern agencies are taking some of the boldest steps forward when it
As a smart insurance platform, we are expecting this 2019 that the sweeping arm of digital transformation will cast aside normal operating procedure and catalyze technological innovation in the insurance industry. We all know that the staid insurance industry has long been lacking innovation. A space full of blue-chip companies replicating the traditional insurance model,
As the insurance industry considers the best way to use blockchain, many companies will test the waters before deciding whether to jump into the deep end. The fact is, blockchain is a big undertaking, requiring careful consideration of the benefits, limitations, and areas in which it can improve processes. Possible Use Cases for Blockchain in
Are we ready for commercial insurtech? That is the question. Tech companies and VCs in the insurance space have probably read many of the news articles about Amazon and Google entering insurance. Given their nearly unlimited resources, this may be intimidating to some in the industry. Whether one views these moves as a threat, a
Smart Insurance Initiative It is our pleasure to provide our community with another update on our progress about our smart insurance initiative. After our 3 prototypes, one of our partners has now asked us to produce a commercial version of one of the prototypes. So, we have commenced building the actual product and the infrastructure
There are a lot of insurtech startups emerging each year. Some fall by the wayside, others become major players. 5 companies set to make it big in 2019 are profiled, from an insurance as a service pioneer to a blockchain innovator. The insurtech sector has grown rapidly in recent years, with a number of startups
Insurtech In 2020 And Beyond How can insurtech create changes in insurance? We saw a series of changes shaking up the insurance sector and the level of innovation and associated disruption looks set to continue into 2019. These include greater collaboration with big firms, blockchain, and AI. Insurtechs are reshaping insurance across a number of
How The Insurance Industry Has Opted For Consistency And Clear Processes The insurance industry has operated with great consistency and clear processes for many years. People may not always like or agree with how things work, but nearly everyone from the consumer to the provider essentially goes with it — no uprisings to drive change, no big
How Digital Transformation And Insurtech Can Make Transactions Simpler Digital Transformation and InsurTech represents many things to different people. It just depends on your perspective and where you stand in the insurance line. For decades, insurers have been all about the product. Build it and they will come (or buy the cheapest!). But arguably, the
The insurance industry has remained much the same for decades and, due to a risk-averse culture, particularly resistant to change. Before the advent of new technologies, it wasn’t a competitive market where new players could easily enter. That’s all changing. Insurance has now become ripe for disruption by insurtech in much the same way as
Consumer behavior is constantly changing. We now expect to be able to access and apply for services digitally and on mobile devices. The banking sector has responded to these consumer behavior changes, using technological advancements to create fintech innovations such as mobile payments, ‘paywave’ and online applications. But the insurance industry has not kept pace