Although the insurance coverage trade will be sluggish to undertake new applied sciences, with the previous yr bringing new challenges to companies, the remainder of 2021 is insurtech’s time to shine. Chris Ewing is CEO & Founding father of One Inc, a digital insurance coverage funds platform that helps greater than 170 insurance coverage firms course of over $15 billion in funds yearly. Right here he shares his high 3 predictions for insurtech developments in 2021. The previous 18 months have introduced disruptive challenges to companies and shoppers alike, and ‘sleepy’ industries like insurance coverage have responded by prioritising innovation – critically, if belatedly, taking to coronary heart the concept that ‘each firm is now a fintech firm.’
After a hardening of the insurance coverage market within the first half of 2021, the second half of the yr ought to ship extra fruitful outcomes amid the reopening of the financial system, and insurers will now put at the least three tech elements via the paces after bettering their stack over the previous yr – with game-changing differentiators for shoppers, while fixing lingering points as they search to actualise the worth of their new know-how.
- Daring Actions Following Insurtech’s Explosion
First, it’s no secret that the insurance coverage trade is usually sluggish to undertake new applied sciences, at the same time as insurtech has grown in dimension and use-cases over the past decade and the pandemic accelerated the trade’s want for digital options. Cybersecurity protections, massive information, digital funds,» Read more from thefintechtimes.com