The insurance environment is dynamic and pressure is on for insurers, brokers and MGAs to adapt and evolve with technology changes and consumer preferences. New technology and applications are emerging daily, and insurance startups are growing in number and size. Industry experts think the insurance market is ripe for disruption, and there are those who feel it’s overdue.
We have seen a multitude of different innovations in age old industries, from Uber’s disruption of the taxi market, Netflix’s disruption of the home viewing market, and Airbnb’s disruption of the hotel market.
Large companies that have been around for decades and are traditional in their approach, should aim to innovate or collaborate with startups, creating mutually beneficial relationships. InsurTech should been seen as an opportunity, not a threat, a way to revolutionize the industry and to improve systems both for the insureds and insurance providers.
Accenture’s Technology Vision for Insurance 2017 study found that:
- 96% of insurers think that the insurance industry is being impacted by digital
- 94% say adopting a platform based business model is critical to their success
- 87% think that tech is advancing at an exponential rate
- 86% believe that if they don’t innovate they will lose their competitive edge
The InsurTech marketplace is booming, with over 5 times more InsurTech deals being invested in by insurers than 3 years ago. InsurTech offerings that focus on automation and platforms has also increased by 5 times.
So what do these numbers mean for your company? They mean that if you are not embracing the InsurTech wave, are not on top of insurance marketplace changes, and are slow to develop a new strategy moving forward, your competitive position is likely to fall quickly behind.
Digital insurance offers the opportunity to make fundamental changes to an organization’s business model. Consider a broker that offers insurance in a traditional fill out a paper application and we’ll have one of our staff quote it versus a digital broker that offers a fully automated online insurance quoting and purchase process. The digital broker has many more options for how their product is offered. They could for example partner with other non-insurance service providers to offer buy-on opportunities, like buying an airline ticket online and also being able to add on trip cancellation insurance. They could partner with an online insurance quote comparison site where their product appears as a comparative quote option. Neither of these models would be viable without a fully digital worfklow for applying, quoting, and purchasing insurance.
ClickCapital created the InsureVue platform to digitally transform insurance businesses. InsureVue not only allows companies to put insurance products online for insureds to purchase, but provides an integrated platform for policy administration and management. Contact us to learn more about InsureVue through a complimentary consultation and hands-on Demo. We’re experts in digital insurance and can help you with your digital transformation journey.
Click Capital enables companies in the Property and Casualty insurance space to go digital with our cloud based policy management platform, InsureVue. Initially launched in 2010 and built on the industry leading Salesforce platform, InsureVue allows insurance brokers, managing general agencies (MGAs) and insurance companies to digitally transform their businesses