Thursday, January 11, 2018 3.00PM /
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.
Key issues from
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
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.
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.
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;
the world's biggest and most innovative life insurance markets, and trends
they're setting for the space.
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.
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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