By FINTECH Books Contributor, Ravindra Muley
Once limited to price comparison and quotes, the InsurTech has succeeded in quickly coming a long way, trying to establish themselves as dedicated technology innovators and wide-ranging solution providers for the insurance sector, bringing value to it by undertaking unique activities across the value chain.
In wake of InsurTech and the impending technological disruptions, the incumbents have expressed the need to reconfigure, restrategize and retest the legacy activities for thriving in a new world. In trying to create a new kind of interface between insurance and the community with the help of digital technologies and experimenting with data and analytics, the InsurTech has laid special focus on the customer as the new centre of gravity.
With a focus on distribution, policy management, claims, and engagement, the InsurTech intends to create new inroads for reaching out to people with solutions aimed at closing the gap with ease of onboarding, access, fair pricing, risk evaluation and measurement. An attempt is made to understand the InsurTech’s role at specific touchpoints and nodes of the value chain vis-a-vis the highly regulated industry they wish to impact. What kind of collaborations and partnerships would work in the current environment so as to absorb the gains of innovation properly?
As with different degrees of regulatory outlook and openness regarding the InsurTech in different geographies, the InsurTech would have to use different strokes for different markets. To address the issue and propose workable and economic solutions it is proposed that the InsurTech thoroughly understands the regulatory landscape, the level of complementary assets and technology maturity of the users. Secondly, they approximate properly the aspirations of different stakeholders in the sector and lastly have a long-term view in enabling an Insurance ecosystem.