We are witnessing the slow but sure, uberization of insurance. Insurers now more than ever, need big data-driven insights to assess risk, reduce claims, and create value for their customers. The industry is abuzz with a steady influx of new innovative products, deriving value in areas that were previously untapped.
Processes like faster KYC verification and onboarding, automated underwriting, virtual claims adjusting, to name a few have become hot commodities within the last year. With AI-assisted technologies improving functionality, reducing real-time data fraud or meddling; insurers are creating custom-fitted coverages for the end-user.
For example, AI-powered underwriting solutions are already saving up to 97% of the time and resources that were traditionally required, enabling the corporate underwriter to specialize in cases that require deeper thought and analysis.
According to a recent CB Insights report, here’s what’s next for P&C Insurance.
The general insurance industry in India alone is valued at US$ 21B in 2019, growing at 13% CAGR over the next 5 years, and is expected to touch US$ 57B by 2025. Customer’s coverage expectations in the subcontinent have shifted toward desires of flexible insurance products that more closely match their lifestyle needs. These trends across the APAC landscape mirror the changes being witnessed in more advanced insurtech markets across Europe and North America.
Keeping customers primed at the centre of insurance innovation, here’s a look at the top ten most game-changing products in insurance today (in no particular order) –
Special mention:
Fizzy: Fizzy is a revolutionary web & mobile insurance cover for flight delays of 2 hours or more. Developed by AXA, with Fizzy you combine the benefits of a startup and the insurance knowledge of a global insurer. They offer a one-shot coverage tailored to your own flight route, with automatic compensation in case of a delay, with no exclusions. You can purchase fizzy in 4 clicks at any time after your flight ticket has been purchased, up to 5 days prior to departure.
As customer tastes continue to evolve, the future looks promising for the state of innovation, while insurers align their offerings in lieu of the demand for newer insurance products.
The marketplace of insurance ideas is already a reflection of the changes customers want to see from their insurance providers, with young insurtechs being instrumental in bridging those unmet need-gaps, and bringing out positively unique insurance coverages for the average consumer.
(Note: The products highlighted here are not rank-based and are not indicative of the ‘best’ insurtech products available today. For more analysis on Insurtech products such as those from Lemonade, Trov etc. – which are not included here, read our blog on the Adoption of Chatbots across Insurance.)
Join our Webinar — AI for Data-driven Insurers: Challenges, Opportunities & the Way Forward hosted by our CEO, Parag Sharma as he addresses Insurance business leaders and decision-makers on April 14, 2020.
What’s your first thought when you see a puppy strutting around in a tiny sweater…
Picture this: You're in your kitchen, staring at a random assortment of leftovers in your…
In the world of product design, consistency is the cornerstone of delivering a seamless user…
In 1997, the world watched in awe as IBM’s Deep Blue, a machine designed to…
As healthcare becomes more patient-centric, the demand for efficient and personalized care continues to grow.…
Imagine waking up to an assistant who has already planned your day—rescheduled your meetings to…
This website uses cookies.