This week in insurtech news, startups are innovating using technology to fundamentally improve the existing business model of insurance companies. Some of the reasons? The insurance industry now has greater access to deeper sets of relevant data, a need for efficiencies, growing consumer acceptance of new technology, and is experiencing lower technology costs than ever before. But the industry still faces hurdles when it comes to regulation. And with cyber attacks becoming the norm these days, the insurance industry plans to make cyber policies more robust, stable and accessible by offering adequate coverage for companies across all verticals and sizes. Continue reading our latest roundup for the latest in insurtech news.
Insurtech: Why Now?
There is no doubt technology has changed the way many industries are doing business today. The insurance industry is one that has lagged behind when it comes to embracing technologies to improve business, but that may soon be changing. As the insurance industry continues to be stifled by like the lack of customer centricity, failure to embrace change, and inefficiencies, emerging technologies can only help support industry growth. Read the full story here.
How Cyber has Impacted the Insurance Industry
As data breaches become more of the norm these days, the insurance industry has realized that challenges exist around cyber insurance polices and are working diligently to bridge those gaps. The industry plans to make cyber policies more robust, stable and accessible through more scientific and holistic coverage, driving risk mitigation as a culture, and offering adequate coverage for companies across all verticals and sizes. Read the full story here.
One Hurdle Insurtech Faces
The most recent Insurance Growth Report found that the insurance industry expects technology to be a key driver of future growth though new products enabled by digital technologies. There is no better country poised for this growth than the U.S., however, regulation is a hurdle in insurtech’s path. The insurance laws and regulations in the United States were designed to regulate how insurance was marketed, sold, underwritten and administered in the 20th century, not today. Read the full story here.
What’s Really Driving Demand for Insurance Technology
What are some of the trends stimulating demand for technology growth in the insurance industry? Today, the insurance industry is experiencing greater access to deeper sets of relevant data, a need for efficiencies, growing consumer acceptance of new technology, and lower technology costs than ever before. Alan Dobbins, a Director, Insurance Research at Conning, said; “Innovative technologies are targeting different segments of the personal insurance business system. The technologies are rooted in mobile and digital—but include a wide range of categories, with fundamental changes in communication, data availability, and computation.” Read the full story here.