Technology is advancing by leaps and bounds and all those companies that do not advance with it will gradually be left behind.
The insurance industry must anticipate this event and begin to bet on tools and processes that bring it closer to the current world immersed in technology and this is where the role of the insurtech.
Insurtech, what is it? What are its main characteristics?
The word Insurtech comes from the union of the English words insurance Y technology, that is insurance and technology. It describes the use and technology implementation in the insurance sector. This term includes both startup insurance companies that start their activity already implementing these technologies, such as the traditional brokerages that begin to include it in their processes previously carried out without them.
Between his main features we can find:
-Relationship with customers in online channels
-Application of technologies such as AI and Blockchain
–Personalizationno of service
What is the function of an Insurtech?
The function of these is quite clear, with the use of these technologies in the sector it will be possible not only improve products already existing, but to contribute new products and services to the insurance market.
Facilitating the development of numerous activities for all users in this sector.
What technologies are used?
The following technologies can be used in the sector to carry out different processes:
–Artificial intelligence (AI): Artificial intelligence is the ability of a machine to present the same capabilities that humans, such as reasoning, learning, creativity and the ability to plan.
–Big data: It is made up of sets of larger data and more complex, especially from new data sources.
-Blockchain: It is a technology that allows exchange of information and data anonymously and encrypted. If you want to know more about blockchain we have an entry talking in more detail about this technology.
-Cloud: set of servers that allow data to be stored over the Internet.
How do Insurtech arise in Spain?
The insurtech list in Spain has grown a lot in recent years, especially thanks to numerous startup with the main objective of improve the insurance industry from the country. Above all, in 2020 it was when it was more notorious need to include technology in these processes, which led to the rise of these companies such as aira system.
How can Insurtech improve the insurance sector?
The insurance industry has been in business for a long time, which makes it difficult to believe that something that has worked well for so many years can be improved. The justify base their processes on facilitate and improve the customer experience to improve the existing product. These allow personalization, automation, trust and many other benefits that technology provides us.
Improvements they bring to companies
The Insurtech acquire numerous benefits thanks to the use of technologies to carry out processes that were previously done manually.
For example, for these it has become much easier to customer acquisition, so it significantly reduces costs in this process. internet allows expand the business and reach anywhere in the world.
It is also easier with insurtech detect fraud and security is higher.
And as these are numerous advantages that are accompanied by the use of technologies in this sector.
Improvements in customer experience
The improvement of the user experience It is one of the main objectives of insurtech.
Technology makes this possible as it provides; payment solutions, allowing to automate numerous processes, claims management in a faster and easier way, premium setting faster, reducing the evaluation time, and numerous other processes that are simplified with the use of these technologies.
Taking into account all the features and data above, there is no doubt that technologies are a key factor for the industry evolution insurer and that over time it is vital to include them in our daily processes.
With air system the brokerage will be one step ahead of this great advance and both the broker and the insured will benefit from these advantages that aira offers in the risk assessment process.