Over the course of time, the insurance companies have realized that the models being used are not compelling to generate more sales. Insurers are primarily focusing on better tracking and more precisely respond to claims with the emergence of advanced analytics, telematics, IoT, and others. The management of many insurance providers is concerned about heavy regulations, cyber threats, and change in the technology. A majority of the insurance companies are facing tremendous competition, and it is crucial to improve the bottom-line as well as top-line growth. Customer satisfaction is likely to be the factor for the growth of the insurance companies in the near future. The Insurance Technology ( InsurTech ) applications are expected to boost the sales of insurance companies and provide newer channels of customer acquisition and personalized offering.
The consumers are looking for personalized insurance products instead of one-product-for-all in the market. The insurances through the digital medium reduce the distribution costs and create more profit for the insurers. The influx of AI and ML is likely to derive more insights to enhance customer satisfaction and reduce false claims. The automation and AI are all set to smoothen the claims processing and settlement. Advanced analytics and IoT are integrated into insurance applications to provide real-time insights for customers. More number of insurance companies are projected to tie up with Insurance Technology ( InsurTech )that would help in increasing the customer base through a digital medium and enhance business processes using bots and intelligent products. Numerous insurance plans for vehicles, home, health, personal, and others can be customized as per the requirement with flexible premium options for various deals.
The market is evolving with the emergence of several start-ups offering online insurance and analytical software. Friendsurance, Oscar, ZhongAn, Allay, Analyze Re, GetInsured, Bayzat, Bought By Many, Claim Di, and CommonEasy are few of the companies profiled in the report. The Insurance Technology ( InsurTech )vendors are focusing on AI and ML to extract customer insights that help in insurance product offerings for the insurers.
– Swarup Bhowal,