Insurtechs have long been touted as the future of insurance and as the disruptors of the industry. In essence, insurtech is a about using technology innovations to make the current insurance model more efficient (Investopedia) and should be seen as a part of the industry’s development, but to a lesser degree as disruptors of the industry

Given the nature of insurance, and the possibilities data analytics and technology are offering to the industry, there should be little doubt that the industry is moving towards becoming a technology industry

It is therefore only natural that insurers are looking for ways to reinvent themselves as technology companies, running corporate-wide digital transformation project to ensure adjustment to the changing markets and secure a competitive position in the future

This video demonstrates how insurtechs are important for the development of the industry, but also underlines that insurtechs does not address all challenges faced when creating a future successful insurer – insurtechs are digital instruments to be used in the transformation journey, but it’s still with the incumbent to get the real transformation done

It explores how to use insurtechs to address current incumbent pain points and what to look for before entering a partnership with the insurtechs

It does make good sense for incumbent insurers to look towards insurtechs for partnerships, as a partnership can fast-track the digital development process. Apart from being aware of the organizational changes required to make the partnership work as discussed earlier, it is beneficial to create a gap analysis to evaluate existing competences against competences required to deliver on the insurer’s overall strategic direction and targets

While looking at the elements in the value chain, and apart from identifying the gaps, noting down current pain points can detail the requirements for an insurtech partnership further

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Visit my personal website https://www.frederikbisbjerg.com
See my LinkedIn profile https://www.linkedin.com/in/frederikbisbjerg/

SHORT BIOGRAPHY
Frederik Bisbjerg (born 1973 in Denmark) is a highly respected international business developer with expertise in digital transformation and business model innovation. His proven and numerous successes with worldwide business transformations comes from his belief in enabling and empowering people to execute on the change strategies

He is Chief Digital Acceleration Officer at Noor Takaful Insurance (UAE), and Head of MENA & Digital Transformation Specialist with The Digital Insurer (Singapore), the World’s largest digital insurance knowledge base with more than 30,000 members

With The Digital Insurer, he is part of the World’s first mini-MBA in Digital Insurance, where he lecturers in the topics of Strategy and Transformation, Big Data and Best Practice Tech Architectures

He’s been Executive Vice President for Qatar Insurance Group (QIC), the largest composite insurer in the MENA region and one of the largest insurers in Asia

Based in the Middle East since 2013, he’s a sought-after keynote speaker and expert for local and international business innovation and development, working with companies seeking to leverage digital opportunities
Before joining QIC, Frederik was running the worldwide operations of SOS International, then the World’s largest travel claims and emergency assistance provider

With SOS International, he established companies in China and expanded SOS International’s Asian operations, securing the company a consistent two-digit growth

Frederik has strong business acumen and is recognized for his ability to build businesses and create new, often previously unseen, alliances between business partners for mutual benefits; a skill refined and honed through many years of working internationally for a top-tier management consulting firm

How will your firm reinvent itself to meet challenges from disruptive competitors with new business models? Learn more at https://www.sap.com/industries/insurance.html

Digital technology is transforming how the insurance industry works. Digital capabilities like AI, ML and data analytics are continuing to disrupt traditional models of claims filing, processing and management.
To talk about the top trends transforming the industry:
Processes and operations have witnessed a complete overhaul with digitization. Digital processes and operations bring in capabilities like Optical Character Recognition and Robotic Process Automation that have reduced the cost and time spent on the claims journey significantly.
Another factor is improved customer engagement using channels like digital marketing, digital underwriting, AI chatbots and easily navigable self-service portals on applications. This has served as a trend that facilitates improved engagement with customers.
The digital capabilities of IoT and AI is generating critical data that helps providers personalize solutions and make better decisions in underwriting, pricing, and claims adjustments. Digital data will also help businesses manage customers individually, instead of as a group.

To categorize the disruptive technologies impacting the revenue of the global insurance industry, they are:

Modern infrastructure that fosters productivity
Advanced online sales technologies that target the right customers
Analytics that understands customer preferences
The internet of thing that creates a network of devices to help insurers gain customer behavior insights
Distributed ledgers to store data and save processing time
Machine learning to help the insurer’s IT systems to quickly respond to new data that helps to manage claims, underwriting and prices
And Virtual reality to help insurance companies transform the way information for underwriting is gathered.

These technologies have not just disrupted how the insurance industry works, they have also made the customer journey a whole lot easier.
To answer how?
Compared with the traditional models of:
Waiting in queues or on-call to speak to an agent or customer service executive,
Writing lengthy notices of loss,
and making trips to the insurance agency and bank to cash the cheque,

Insurtech makes the filing process, updates, and payments instant and easy – delivering convenience, superior customer satisfaction, and saving costs as well.

For more details please visit: https://nuvento.com/blog/technology-and-disruption-in-the-insurance-sector/