Adopting Insurtech to drive Life Insurance: A New Report

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Thursday, January 11, 2018 3.00PM / Business Intelligent 

The Global Life Insurance Industry is ready to get a big leap and shift with the adoption of technology, to improve scale, depth, capacity, service delivery and product offerings designed to revolutionize the sector. 

According to Investopedia Insurtech refers to the use of technology innovations designed to squeeze out savings and efficiency  from the current insurance industry model. 

Insurtech is all about the disruption to the Insurance Industry, just like FINTECH is to the Financial services sector.

A report from the BI Intelligence with the  titleThe Future of Life Insurance: How Insurtechs Are Tackling This Notoriously Tricky Area Of Insurance looks at the major players in the global life insurance industry.

Key issues  from the report:

  • The need for innovation in life insurance has never been clearer — life insurance sales on the whole are slowing, and policy ownership is hitting record lows. A lack of consumer understanding, inconvenient application procedures, low customer loyalty, and old IT systems are denting providers' returns.
  • Life insurtechs are looking to revamp the space in two key ways: Consumer-focused players focus on eliminating the pain points that put consumers off buying life insurance coverage, while insurer-focused startups offer ways to improve processes and operations for the providers that still dominate much of the market.
  • There are some risks attached to bringing technologies not typically used in insurance into this tightly-regulated space, but life insurers can adopt best practices to mitigate them and reap rewards, like: getting full customer approval to use their data, hiring tech-savvy compliance teams, and prioritize customer education about the product. Startups, meanwhile, should pick incumbent partners carefully.
  • Incumbents’ activity in life insurance innovation to date has been limited to implementing some shiny new technologies, largely on the front-end. If life insurance incumbents want to stay relevant, they'll have to invest

Other Objectives of the Report Include;

·   Exploring the world's biggest and most innovative life insurance markets, and trends they're setting for the space.

·   Explaining the major inefficiencies embedded in the life insurance status quo, and the problems they're causing providers and consumers.

·   Outlining in the report are the two main strategies life insurtechs are adopting to drive change in this market, for the benefit of buyers and sellers of life insurance.

·   Discussing  the best practices life insurance incumbents and startups should adopt to steer clear of the risks still attached to applying emerging technologies to such a tightly regulated product.

·    Giving an overview of what the rise of life insurtechs has in store for the life insurance space going forward.

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The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of fintech.

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