What is InsurTech and What Does it Mean for You?
May 10, 2022
May 10, 2022
The insurance industry is one of the oldest, continuously operating sectors of the economy. Modern insurance first appeared in the late 1600s and has existed relatively unchanged for centuries. Until now.
Technology is rapidly transforming the way insurance is being written, valued, financed, processed and marketed. “InsurTech” is the broad term that refers to both the digital companies selling insurance and the various technologies being used by traditional carriers to revamp their business operations.
What does InsurTech mean for individuals and business owners? How will advances in data availability and analysis impact policyholders? What are the pitfalls and dangers of a rapidly automating industry?
At Oakbridge, we fully embrace technological advances and the benefits they bring to our neighbors. We know that InsurTech presents opportunity for our business as well as the lives of our customers. Let’s take a quick look at InsurTech’s advances and what you, as a policyholder, should know:
Data-Driven Insurance Moves to the Forefront
The amounts and kinds of data available to insurance underwriters have never been greater. The same goes for the ability to instantaneously process and analyze that data. This presents distinct advantages for consumers including more efficient and accurate underwriting; greater insight into consumer behaviors; decreased likelihoods of fraud; faster claims processing; more effective risk management and mitigation; and a higher degree of personalization for policyholders based on your unique attributes.
Carrier Competition Creates Policyholder Advantages
Data-driven insurance has increased carrier competition, thus more options for business owners and consumers. Policyholders can expect increased levels of customer service and more product options; broader choices in how, when and where they access their insurance products; 24/7 policy access; advanced risk assessment tools; and self-service claims processing. Customers will have the upper hand in personalization as well as term negotiation.
CyberSecurity Moves to the Forefront
As the industry increasingly relies on technology to accelerate business, issues of confidentiality and security are moving to the forefront. Insurance underwriting is especially sensitive to data breaches as it relies on specific and identifiable consumer behaviors to set policy terms and rates. Expect carriers, underwriters and brokers to increase their digital vigilance.
The Human Touch is a Key Differentiator
Regardless of the technological advances in the industry, relationships and personalized service will still be essential elements for the successful insurance provider. At Oakbridge, we pride ourselves on harnessing the power of InsurTech as long as it enhances the way we do business. We know that no two policyholders are the same and that loss, should it occur, is best handled by a real person with whom you’ve trusted your most important assets.
For nearly a century, Oakbridge has been leveraging the power of innovation to better serve the communities in which we live and work. InsurTech is yet another way to strengthen what we do best – protecting our neighbors. We’re Oakbridge, deeply rooted in your success.