Estimated reading time: 4 mins
Even though Insurtech first arrived in 2010, and has been growing steadily ever since, the recent surge in startups in the UK, and London especially. Have seen a whole range of new businesses and ideas coming to the surface. This is obviously of enormous benefit to insurance providers and users alike. This is because investors and technological advances coming together are making way for big new ideas, and ways of using big data and innovation surrounding IoT. Here we will discuss the need for Insurtech, how it benefits users and the industry as a whole and the future.
What Is It?
The term Insurtech simply means the technology used to disrupt the insurance industry. It is currently used by many different companies, who are shaking up insurance as a whole and bringing new streams of data and ways of using it to the market. Using this data to drive prices down for the end-user, and costs down for the insurance companies is making way for tremendous advances that benefit everyone. As people in London, and of course worldwide, are short on time these days, due to work and life commitments and ambitions, anything that makes life a little bit easier and helps things run a little smoother, is going to be gratefully received. This is why InsurTech startups are becoming more popular, more prosperous and more comfortable to adjust to.
Why it is important
Using modern technology that has been developed, is obviously what is created for. Finding out how this technology can be used positively, and implementing this technology is, Of course, the ideal situation. Insert tech companies are creating technology services that are and will in the future, improve the safety of our roads and its uses. It became apparent that insurance was due a shakeup, and Insurtech companies with big ideas, high technology, and benefits to everybody involved is, of course, the obvious choice. The more we learn about Insurtech companies starting up in London, the more we realise how quickly things are going to move in the future now!
Benefits
It was discovered during the early days of testing Insurtech that there is a vast range of services and insurance products, that just isn’t working for their uses. Many people are paying more than they should’ve been for their insurance. So for those people are reduction due to the information collected, and implemented, that shows they deserve a lower rate premium, is, of course, a considerable advantage. Startups Such as artificial are reducing costs, automating processes and creating access to new markets, with different data streams, which opens up a world of data and unique products for everybody.
Future
The future opens attack seems to be that startups in the sector, are going to go from strength to strength. Incidentally, companies are becoming more popular by the day, and investors are keen to put their money into real causes and invest in things that are going to change the world for the better. Competition in the Insuretech startup world at the moment is tough, with many different companies with many different ideas, competing for their part of the market. However, the Insurance industry holds a vast amount of companies offering their services, with many many people around the country are becoming more aware of their options now. This is a huge leap forward, towards becoming an effective and user-friendly industry that benefits all.
It’s now known that the insurance industry, really needed some innovative ideas, and technological input to ensure that the safest and best drivers are awarded and that everybody can find the correct insurance, at the right price for them. It is about time that the insurance industry services its client base effectively with them in mind. The only way to do this is by collecting data and analysing the information as it comes through. The most valuable asset a business can have is data, and Insurtech can provide, clean, and use this data to the benefit of everybody. Insurance may not be considered the most exciting subject of all, however, keeping an eye on Intertek and where it leads with the many startups that are building right now, could become very interesting. If you just ima
gine that you have received the best insurance premium for yourself, which covers everything that you may (but hopefully won’t) need soon, that also works for you to ensure your safety against claims, and against reckless driving, now and in the future. Weed in the near future that also works for you to ensure your protection against claims, and against reckless driving.
