Call Us
+91 9231566434

7 Insurtech trends to be aware of in 2021

Insurance technology or InsurTech describes the further development of the insurance industry through new technical systems and alternative business models. The companies that operate in this sector are called InsurTechs and encompass segments such as peer-to-peer insurance (P2P), health & e-commerce insurance, contract management etc. Through innovative solutions, InsurTechs disrupt currently established processes and enable more flexible, user-friendlier and faster services.

That is why innovation-driven software solutions are crucial for establishing new industry standards and securing competitive advantage in highly saturated open markets. InsurTechs divert a great deal of public attention on themselves and attract incumbents, entrepreneurs and investors to take a closer look at all the possible use cases. Let’s explore the top seven InsurTech trends to look forward to in 2021:

1. Customer-centric Solutions

Generally speaking, the interdisciplinary sector of InsurTech originally tried to get the best of both worlds – traditional insurance and innovative technology. Putting the end-customers needs and meeting ever-increasing demands was a top priority from the early days back in the 2010s. Field experts recognised that younger generations enjoy a personal touch to everything – from their to-go coffee cup to their phone cases and replicated this model to create new attractive insurance products.

After it became clear that the one-size-fits-all approach is no longer feasible, new challenges began to emerge. Developing appealing products with an individual touch that are desirable right now and remain relevant in the near future is not an easy task. Hassle-free interaction with your digital insurer, a click away from filing a claim or tracking a policy status – the doors to the era of on-demand services have just opened, and there is no turning back.

2. Embedded Insurance

Embedded insurance is about to become the next big thing in the insurance sector, contributing to the broader concept of embedded finance. You guessed it right – this trend leans towards buying insurance together with your purchase, e.g. a new car. Embedded digital services became increasingly popular during Covid-19 and now include native features that make life easier.

To continue the example of purchasing a new vehicle, with the embedded insurance feature, the buyer automatically receives mobility insurance. The same goes if your purchase a new smartphone – then you get theft and damage insurance that comes with your new mobile device. The idea is to make the customer journey less complicated and more carefree because nobody wants to read complicated insurance policies, but at some point, everybody inevitably needs some type of insurance.

3. No-Code Development Methods

The no-code model describes an environment for software development that enables developers. To create application software via graphical user interfaces and configuration. Instead of traditional programming using code. code platforms are closely. Related to low-code platforms as both are designed to speed up the application. Development process by using the drag and drop method to build app components.

No production tools are well suited to help insurance companies advocate for a more customised consumer interface. No-code tools boost creativity and push existing boundaries. By empowering citizen developers (employees without tech. Skills or prior programming knowledge) to also engage in the creation of innovative InsurTech applications.

4. Artificial Intelligence

Artificial intelligence, or AI, is not a new trend but remains perfectly relevant in. 2021, and experts predict that it will continue to invade the software development process to an even greater extent. First and foremost, AI can help streamline various processes by automating existing processes and simultaneously boosting accuracy and speed.

For example, in the traditional insurance sector processing a property damage claim. By a person might become obsolete because mobile apps can now radically speed up or even eliminate manual processing altogether. Underwriting, potential fraud detection and high-quality risk assessment are other processes within the. InsuchTech industry that AI can have a huge impact on.

5. Blockchain Technologies

Many people only associate blockchain technology with cryptocurrencies and crypto trading. While these use cases might be the most widespread, blockchain carries the potential to disrupt the insurance sector. For instance, Deloitte identifies inefficient information exchange, limited underwriting. Accuracy and fraud risks as severe pain points and explains how blockchain can address them adequately.

A major use case of blockchain technology in InsurTechs is preventing data misuse and thus increasing protection. This can easily be achieved by knowing the essence of this technology. Essentially, blockchain represents a continuously expandable list of data records, called blocks that are linked to one another using cryptographic encrypting. Once a block is created, it can no longer be modified, tremendously increasing app security.

6. Behaviour-based Discounts

Yahoo Finance reports that behaviour-based discounting is expected to be a trending approach within InsurTech firms in 2021. The concept shares similarities with data-driven insurance and revolves around rewarding “good” or “desirable” behaviour with special discounts. For example, non-smokers can receive lower insurance prices than smokers.

Drivers with clean driving records can also enjoy better insurance conditions than risky drivers with previous offence records. While such discounts can collectively apply to whole client groups, in 2021, it is all about promoting specially tailored discount depending on individual behaviours. These may include using smart sensors or IoT devices that track and store personalised data and make better predictions.

7. Digital Platforms

2020 made it clear that we’ve evolved as creatures and can operate even under highly stressful conditions. Thankfully, during Covid-19 lockdowns, we realised the true potential of channels for distributing digital products and services. In 2021 the uncertainty remains, and insurers adopt new tech solutions for agents and brokers or switch to digital platforms exclusively.

The only way to stay relevant is to adopt new approaches and resist the urge to stick with traditional models that no longer serve your clients. Everyone enjoys flexibility in service, and if a claim can be filled out from home using your smartphone, why waste time waiting in lines just to file a single claim? Authentication methods such as face recognition and electronic signatures will continue to be relevant and gain popularity in future InsurTech apps.

Leave a comment

Your email address will not be published. Required fields are marked *

Tag Cloud

(which was launched in March 2005 and has been used to launch over 2 000 companies including Stripe 000. personal property leases. agreements concerning the purchase 10 Ways to Generate Blog Ideas 401(k) plans 409A valuations 7 Insurtech trends to be aware of in 2021 A company that develops driverless cars Abundant Adarsh Gram Affiliate Marketing on Facebook: 4 Tips to Succeed in 2021 Affiliates Age Matter for startup Agreements or arrangements that provide benefits contingent upon a change in control. The severance or deferred compensation plans (including any salary deferral agreements AI token Airbnb Alphabet Also president and editor-in-chief of Xinhua News Agency. He urged BRICS media outlets to be aware of the general trend of global development and be “narrators” of the. BRICS story And also agreements relating to the Company’s past stock issuances. Any documents evidencing registration rights for the Company’s also securities And Bylaws. Similar information for the Company and subsidiaries And more. If your startup is an early-stage company that is looking to fund raise in 2020 Angel investment Annual recurring revenue) Antitrust Lawsuit Any determination or opinion letter and Form 5500 filings for the last 3 years. All documents or other information relating to any loans made by the Company to its employees AR/VR ecosystem Artificial intelligence Artificial Intelligence Is Changing The Insurance Landscape Attended the event as co-chairpersons of the forum. In their speeches Augmented Reality Avoid When Seeking Investment Azim Premji University Bahrain Base salary Be proactive Beijing – The fifth presidium meeting of the. BRICS Media Forum was held via video link. Monday Best Business Structure Better leader Bitcoin Blobal market Blockchain technology Branding on Investment BRICS media Building your Brand Business Business cards Business End Goal Business opportunities in Serbia Business Owners Business plans Business Software Now Buyer Personas Capitec launches ‘Scan to Pay’ feature in its app Career myths Certificates of Designation CFO Change Challenge Change is the new Normal Charitable Partnerships Chefrome Classification (including Co-working space Coinbase Commission plan (if applicable) Community-as-a-Service: A Business Model for the 21st Century Compete with Big Companies Content is the key Contracts or proposed transactions to which the Company is a party or by which it is bound which involve obligations of Copper Intensity Copyright Coronavirus Outbreak Corporate entrepreneurship Corporate Multi-nationals Corporate to Start Cost reduction Credit cards Cruise Automation Cryptocurrency Customer Experience Dealing with online hate Definition of Goal Derailing your career Deutsche Telekom Digital India Digital Marketing Digital Marketing Strategies Digitizing your business Diligence Checklist Director of The Hindu Publishing Group of India; and Dr Iqbal Survé Directors Directors or consultants. The Company’s employee handbook. If the Company has any foreign employees Disney Do We Need A New Value-System For Professional Survival In A Post-Pandemic World Don’t Make These 6 Big Mistakes When Starting a Business DoorDash Dubai Dubai opportunity for start-ups Economies Electric Vehicles Elevate Customer Experience Empathy-Based Marketing Employee Well-being Employment agreements and offer letters with severance benefits or vesting acceleration provisions. Any plans Energy Energy business Entrepreneur Entrepreneurs Entrepreneurs share their thoughts on the topic Entrepreneurship: The Adrenal Rush of Riding a Bike Epic Games Etc. Executive chairman of Independent Media of South Africa Executives Facebook Family Business Favour of casual work Fear of failure Feel lost Feeling lost Financial cash flow forecasts Find a job you love Finding a work-from-home job option First deputy editor-in-chief of Russia’s Rossiya Segodnya; Narasimhan Ram Follow the evolution trends of media also and be “leaders” in. Innovative development Follow Your Dream Confidently Game development in marketing Garib Kalyan Yojana Gas Girls in business Global cloth brands Global market Gold Government Great managers way Guide to Hiring Employees Happiness Hard Work Might Not Pay Off Harsh reality and facts of the startup ecosystem He added. Jose Juan Sanchez High Expectations to Live the Life Hire Hobby into a business How Is Automation Able To Help Insurers To Recover In The Pandemic? How Much Do I Raise for My Startup How you plan to grow your business If an employee If any. A corporate entity organizational chart If available. judgment Imperfect Progress Importance of Time Management in the Workplace Including Including employee confidentiality and proprietary information agreements. insurance policies held by the Company or of which the Company is a beneficiary and a summary of such policies Including grant dates and exercise prices. Copies of agreements relating to outstanding options Including issuance dates and original issuance price. A list of the Company’s option holders Including SnapScan and Zapper Including title Including without limitation Incubation Incubator India and South Africa India Oman Business India-Oman Instacart Instruments Investment Investment memos It’s OK to Quit (Your Job) Jobs Joy happy Kids Kind Is Not Always Good for Corporate World Leadership qualities Lean canvas Lease Legal Tech Companies Liens Life is good Like Huckabee CPA Love your job Manage people who are older than you Management Marketing Marketing automation Marketing Teams Microsoft Microsoft invests in Cruise Might Just Change My Life Millennial Mind Morality Impacts Valuation Mortgage Motivated when your business Fails Move Your Shop Online Mumpreneur NDAs Neurodiverse New Jal Shakti Ministry New Job Nice guys finish last Notice of exercise and restricted stock purchase agreement). If the Company sponsors a 401(k) plan Nurturing and Mentoring Talent Office Culture Office Décor Oil Online entrepreneur Or any affiliate thereof Or evidencing any agreements among the Company’s shareholders or between the Company and its shareholders. A summary of the vesting schedules of any stock or options subject to vesting Or outside the ordinary course of business. A list of officers and directors. If any officers are not currently devoting 100 percent of their business time to the Company Or payments to Or strike or other labor dispute. Information Regarding Employees and Employee · Benefits A list of the Company’s employees and consultants Or sublease of real property. Any documents evidencing indebtedness for money borrowed or any other liabilities incurred by the Company. Any documents evidencing any mortgages Order Pandemic Pandemic ready Patents Pension plans and insurance plans. So forms of agreements used in connection with any stock option plans. (such as a form of option agreement Person You Wanted to be as a Kid Petrocrats Please note them on this list. Information Regarding Disputes and Potential Litigation Any correspondence or documents relating to any pending or threatened action Power Powering African Countries PRASAD Scheme President of Brazil’s CMA Group; Sergey Kochetkov Private Fund Data Operations Production Promotion Proof of tax compliance Proprietary information or technology Public relationship Publishers Grow Purpose-led Qualities of a good mentor Quantum Computing Quitter Reaching Goals Recently the well known startup incubator /seed accelerator Ycombinator Recruitment Relationship and marketing Remote Work Resilience as a business leader Revenue Capture Reviving the economy and building a community with a shared future Rights Rights (including conversion or preemptive rights) or agreements for the purchase or acquisition of any of the Company’s securities Russia Safe Path Said. He Samarjit Mitra Sample businessplan Saudi Arabia Scalable and sustainable business model Scale of personality School term Select an idea SEO SEO strategy Separately list (by country) all benefits provided to foreign employees. Of course Skill India Small Business Small Business Owners Small businesses SMART CITY- A Step Into the Future Smart phone Smuggling Sony Electronics Announces New Airpeak S1 Professional Drone Sowing future growth Start-up India Start-Ups Starting Your Own Street Food Business Startup Startup Fails Startup Fundraising Startups Stay relevant and grow Stock market Stock option plans Stocks Stop Comparing Your Life with Others Stress in business Stressed At Work Structural Readjustments Required in B-Schools Structuring Investment Subrata Chattopadhay Successful Contingency planning for Business Suit or proceeding or investigation Taking money from an investor and on any terms cannot hurt Target bonus (if applicable) Tax computations The Company in excess of $25 They expressed the hope to further deepen the cooperation among. BRICS media Toxic Workplace Tracking SARS-COV-2 Variants of Concern Trade secret or other proprietary rights Trademarking Turn your sales UAE Labour Law: All You Wanted to Know About Leaves Understanding Understandings or proposed transactions between the Company and any of its officers Unified Mobile Application Union representation Unknown and Unplanned Vaccine Rollout Values back on track Various Types of Investors VC Virtual Marketing Virtual reality VR Wages Warrants Washington State Recruits Starbucks to Help With Its Covid-19 Vaccine Rollout We suggest working with an experienced startup-focused accounting firm Well before your startup is in the due diligence phase of an important fund raising or m&A transaction. What Do LPs Think of the Venture Capital Markets: What financial metrics/benchmarks do VCs look at (such as ARR What Is Working Capital What VCs Really Look For Whether the employee is exempt or non-exempt) and state of residence. The Company’s standard form of offer letter. Any agreements Whether written or oral Why Business Angels do not invest Why practising good self-care is a recipe for Success With employees or consultants). Such employee benefit plans With members also pledging joint efforts. To improve the forum mechanism also and step up post.-Covid-19 exchanges and cooperation among BRICS media. In the fight against Covid-19 Without limitation Women in business Women mean business Workers Working Capital World Embraces Phygital World leader summit World of the Red Gem Writ or decree by which the Company is bound or to which it is a party. standard forms of agreements used by the Company. joint venture and partnership agreements. management Ybersecurity in the metaverse era You should be thinking about preparing a due diligence materials which includes financial documents such as P&L statements You’re Overworked Your cap table and more. Other documents to be retained will include incorporation and constitutional documents (that evidence legal ownership

© Entrepreneursface.com. All Rights Reserved.