What Is Disrupting the Insurance Industry?

The term «Insurtech» has been around for over five years. There are currently over 1,000 Insurtech companies in business. As the market has evolved, the term has grown to encompass a broad range of constituents, including technology vendors, new distribution models, and new coverage models. The diagram below highlights a number of these

DataArt has spoken to a number of the insurtech providers introducing their products at Insurtech Connect the last year. Below, we explore what they are saying.

InsuredMine

InsuredMine is an advocate for a customer-first philosophy. The company facilitates the communication process between insurance agencies and their insured clients.

This platform integrates with a client’s social media feed to spot potential insurance risks, enables chatbots, and delivers real-time data to a dashboard.

Raution Jaiswal, a Co-founder at InsuredMine, expects insurance companies to undergo a digital transformation in the very near future.

Although the insurance industry is far behind other domains in terms of digitalization, customer expectations will force insurers to transform faster.

Raution Jaiswal Сo-founder at InsuredMine

Avibra

Avibra, a loyalty program app using AI and ML, provides a platform that allows life insurance carriers to improve their loyalty programs by rewarding clients who exhibit good habits.

Regarding loyalty changes within the insurance domain, Mr. Shetty says:

I believe the future of loyalty will be based on bundling more services. This will have a direct impact on personal, financial, physical and career well-being.

Yogesh Shetty Chief Executive Officer at Avibra

Optimity

Optimity provides a further option for insurance companies to increase customer loyalty and engagement.

Optimity offers a custom sandbox for life insurance companies, with user-centric engagement for their policyholders. Although it’s primarily mobile-first, the app also works through browsers and wearables. It delivers real-time data and leverages ML to offer personalized recommendations and predict risks.

We work in partnership with our carrier client to maximize retention for policyholders and focus on consumer happiness and perceived value during year 2-5. Nowadays, consumer expectations for Life and Health insurance engagement and loyalty programs cover mainly value-added experience. It includes services that lead to feelings of being taken care of and access to perks and monetary rewards for keeping well.

Jane Wang Chief Executive Officer at Optimity

DataArt’s View

DataArt, an independent global technology consulting and services company, is excited about the rate of innovation that Insurtech companies are bringing to the Insurance market.

However, while billions of dollars are being invested in Insurtech companies, age-old structural legacy issues such as differing cultures, vendor and procurement apathy, and misaligned carrier incentive plans may dent this astronomical growth in the coming years.

If you are looking for a reliable tech provider who can help you modernize your legacy software or launch a new insuretech product, then contact us to schedule a free call.