This vendor-written piece has been edited by Executive Networks Media to eliminate product promotion, but readers should note it will likely favour the submitter's approach.
Marnix Zwart, Senior VP of Product and Business Development at GoBear
Imagine a world where you could get car insurance based on exactly how far you drive or the number of minutes you spend in your car. Where instead of a one-size-fits-all travel insurance plan, you could have one quickly tailor-made for your exact needs, like extra phone insurance the day you go bungee-jumping. Or imagine being able to file and receive claims painlessly and efficiently with just a few short swipes on your smartphone. Such flexible and customer-centric innovations may already seem commonplace in lots of industries but in insurance they can appear like something from a utopian future. But with more and more insurers today embracing the latest international digital developments that can bring about change at every point along the industry's value chain, the future is no longer that far off.
The Financial Technology (fintech) boom has been well-documented, and it continues to shape the financial institutions of our future. Hot on its heels comes the quieter but no less impactful surge of Insurance Technology (insurtech) - innovations being made by startups and insurers alike that have the potential to impact the entire industry. From collecting and harnessing customer data more effectively, to revolutionising the way that insurance is underwritten, and improving customer engagement and satisfaction, these innovations are happening across the globe. Insurtech is a flourishing field. According to CB Insights, $0.7 billion was invested in insurtech startups globally in 2014, a figure easily surpassed in 2015 to the tune of $2.65 billion. 2016 is expected to be yet another year of spectacular growth.
The traditional structures of the insurance industry run deep, but far from being resistant to change, the best insurers recognize that the benefits from insurtech are very real. The recent Digital Insurance Agenda Conference in Barcelona, dedicated to accelerating the digital transformation of the insurance industry worldwide, is one indication that it is taking insurtech seriously and keeping abreast of cutting-edge developments. Tickets to the two-day event quickly sold out, and it was well-attended by thought leaders and key players in the field. Many were there for the showcase of tried and tested technologies from across the world. GoBear was one of 50 innovative companies hand-picked by event organizers to participate in DIA, each highlighting how the best "disruptive" insurtech could be integrated to engender evolution in the insurance industry.
At GoBear, we're focused on how insurers can make life easier for their customers, opening up possibilities for better engagement and making customer acquisition more effective. These are some of the developments we think will have a huge impact on the industry:
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