Digital Insurance Insights - September 2022
In this newsletter, our founder, Eddie C. , and co-founder, Natalie Fong , discuss some key points regarding the digital transformation of the industry. Thanks for subscribing and we look forward to seeing you next month.
Embedded Finance is Already Here - What Comes Next?
If you've ever paid for Starbucks coffee or Uber rides with your smartphone, you've already used embedded payments. What about embedded insurance when you buy a new car?
It makes more sense for a buyer and car dealership to secure insurance at the point of sale rather than calling an insurance broker before driving away.
Connecting the Claims Ecosystem: Truly Digitised Insurance and Straight-Through Processing
An insurance ecosystem that is successful will benefit not only end users, but all participants as well.
The Network Effect, by which the value or utility a user derives from a good service depends on the number of users of compatible products, is the characteristic by which the value of a good service grows as more people and institutions join.
3 Ways Insurers Can Make Better Use Of Data
With data and analytics being deployed more smartly, simpler insurance applications are becoming more viable. The use of analytics-based bots, for example, can help insurers save money and help customers navigate the less-than-pleasant claim-making process.
As data becomes more and more crucial for insurers to grow and improve, it will be interesting to witness how they use it in order to expand their offerings.
Why Carriers Need to Match the Pace of Brokers
Providing solid and experience-based advice and giving customers confidence that they understand the products and coverages on the market is the broker's responsibility. However, this has to be balanced with speed, competitiveness, and ease of doing business.
The process can't be time-consuming, slow, or expensive. In the eyes of the customer, the broker must be able to compete with anything offered online as well as being able to provide them with peace of mind.
How Technology Is Boosting Trust In The Insurance Industry
Ultimately, insurers will benefit from the anticipated recovery and additional innovative distribution channels, as many intend to leverage the post-pandemic period to innovate resonant insurance solutions.
The success of the industry depends largely on its ability to effectively adapt to emerging technology and the needs of future generations.
Insurance Agent vs. Broker: What’s the Difference?
The role of an insurance broker or insurance agent is to act as an intermediary between insurance buyers and insurance companies.
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Both insurance brokers and agents are required to follow the laws and regulations enforced by state insurance departments when selling insurance policies.
There is however a significant difference between insurance agents and insurance brokers in relation to who they represent.
The Impact of AI on the Future of Insurance
Underwriting is one area where AI can have a major impact. The underwriting process is currently based on manual processes and antiquated data sources. Delays and errors are often the result.
Through the use of AI, accurate and up-to-date data can be provided to speed up the underwriting process. As a result, insurers will be able to offer more competitive pricing.
Integration: At the Heart of Digital Transformation
In many cases, modernising legacy systems is high-risk, challenging and time-consuming, but service integrations can provide a practical solution.
Connecting to external partners, collecting their information, and sending their information to insurers is a cost-effective and practical way to bridge the gap between existing capabilities and future requirements.
Insurance Program Data Optimisation and Integration
Access to data in the world of insurance - and the speed at which it can be shared - can improve insurance applications, help adapt to regulations, and detect fraud, among other things.
To fully utilise company data, we need flexible systems, common standards, and adaptable processes.
Information exchange between MGAs, insurance carriers, regulators, and other stakeholders enables better customer service, quicker payments for claims and expenses, and a clearer understanding of the performance of a book of business.
Tech is Transforming Insurance, 5G will take it Further
In today's world, customers want everything available at their fingertips. They expect faster connections and customised services that simplify their lives.
They will lose interest if there is even a fraction of a second delay. In an age of reduced attention spans, consumers are less likely to want products that require time and effort to understand.
About Us
Wesurance is an Insurtech company that builds and implements digital insurance solutions for all insurance businesses. Our cloud-based, AI-based software allows you to access a wider reach of customers, grow your online business, and explore more lucrative business models.
Marketing & Brand Content Manager
2 年Thank you for the useful insights!