The insurance industry determines our daily lives. Whether life insurance, car insurance or the insurance of our company, the companies in this sector are the central point of contact in many situations in which damage or suffering has arisen. However, despite their central role in society, they are market leaders, such as Allianz or HUG Coburg in Germany, which are extremely traditional and ignore digital change to a large extent.
Disruption in these industries, however, is beginning slowly. Smaller insurance companies are passing them by and focusing their activities on the customer. With the help of Chatbots, for example, the needs of clients are taken on board as quickly as possible and immediate feedback is provided.
Artificial intelligences immediately calculate the possibilities and give first consultations. Also the focus on the digital heritage is a topic only few insurers pursue. This topic deals with the access of relatives to the data if the owner is deceased. A topic that should also be important for insurance companies, as it is often about bank data and even insurance data.
Insurance – a market full of opportunities
The insurance market offers many opportunities. Startups dealing with Insure Tech have collected billions of dollars in the past. With their new technologies, they are fundamentally changing the industry and shaping the insurance industry today. The new insurance players, such as Oscar and Pie Insurance, are indeed using a range of technologies to repair what they see as an outdated and broken system.
Oscar is a health insurance company that offers rates that include access to networked physicians, a personalized concierge team, and free 24/7 telemedicine. Pie Insurance uses data analysis, online features and a team of experts to offer insurance workers accident insurance directly for small businesses.
Established insurers need to offer digital products and expand their services. The policyholder must be at the centre of all activities. They can work with start-ups such as Oscar or Pie Insurance. Many of the disruptors offer whitelabel solutions for the large insurers, as they often follow a fixed mission and this does not necessarily only affect their company. Companies only have to open up to the digital opportunities, then together they can shape the future of the insurance industry.