Insurtechs specialise in bringing together consumer demand and insurance cover wherever gaps in the market exist. One such gap is right in front of your eyes, if you click over to any property website temporarily. Is there a property-related insurance offering on it? If not, there’s the gap.
The extended warranty industry. Think about it much? You should, because it’s growing fast - the global extended warranty market was valued at about $120 billion in 2019 and is projected to reach almost $170 billion by 2027.
Traditional insurance serves consumers’ long-term needs on a holistic level, especially through life insurance and medical cover, where policies run for decades. But such policies are unaffordable to millions - and do not fill the many insurance gaps in consumers’ lives. That’s why there’s a global boom in microinsurance - and it’s not just for insurance companies.
Anything new brings with it a degree of confusion, misinterpretation and misunderstanding and insurtech (insurance technology) is no different. We unpack some of the major misconceptions around this game-changing software, in a must-read for insurers.
A special type of insurance, outlined here, allows non-insurance companies to enter the insurance space without an insurance license. Now, our cloud technology is making it both easier and more profitable to do so.
Dog and cat owners take out pet insurance to cover the costs that might arise from having a pet - accidental injuries, veterinary surgeries, prescribed medications. When it comes to households with more than one pet - two cats, a dog - these costs can really mount up.
Insurance, as you know it, is on the way out. The elixir everyone’s talking about? Embedded Insurance.
Insurance, as you know it, is on the way out. The elixir everyone’s talking about? Embedded Insurance. It’s (past) time to put the customer first
Every day retailers sell things to people – washing machines, jewellery, lounge suites, smartphones, travel packages, loans, funeral policies and more. For many of their purchases customers would like – or are required by law – to have some level of insurance, or an extended warranty. Yet their options until now have been drawn out and frustrating.
In the next few years the insurance industry is set to undergo a radical transformation unprecedented in its several centuries of existence, thanks to insurance software and its core investors: reinsurers. We have the inside perspective.