Many propositions stemming from the insurance
technology (or ‘insurtech’) space are designed to reinvigorate some of the most
traditional methods and practices within the insurance industry, including
product purchasing and distribution, according to research and consulting firm
GlobalData.
According to the company’s latest report, insurtech
provides a means of accommodating the modern consumer, and challenges
incumbents to embrace the unfamiliarity of new technologies. Insurtech
start-ups are looking to provide consumers with quicker and easier access to
insurance cover, as well as granting more autonomy when it comes to insurance
dealings.
Thomas McCourtie, financial analyst at GlobalData,
explained: “The industry is looking to fall in line with other areas of
commerce by providing consumers with quicker and more efficient services.
Insurtech acts as the facilitator in developing new propositions which enable
customers to obtain cover without the need to contact an advisor, and can be
arranged remotely on a mobile device. Good examples of this include the many
online or app-based peer-to-peer platforms emerging from this space, which
encourage users to group together and collectively share risk, often without
the services of an underwriter.”
Via: Itij
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