Inclusive Insurance - double boon
Kaleraj Ramasamy
Director of Engineering | Insurance | AI Leader | Digital Transformation | Platform Engineering
Inclusive Insurance is a double boon for insurers, addressing a long-standing need in the insurance industry from both the insurers' and consumers' perspectives. Insurers now have the tools they need to cover everyone.
What was preventing this from happening in the past?
Primarily, insurers lacked adequate data on the following:
They also underestimated the value of the micro-premium market. InsurTechs are leading the way in this area, driven by a need to innovate and be creative in order to thrive in the market.
There is a vast untapped market potential. Technological advancements have made it easier than ever for insurers to be as creative as they need to be. It's not just about business; it's also about enabling minorities to feel covered. As a result, it's a double win for businesses to pay attention to this.
It's time for insurers to collaborate with their IT departments to bring in the right tools and technologies to gather the necessary data. The rest will fall into place.
#inclusiveinsurance #insurtech #innovation #businessstrategy
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