No secret: agents now see the value of InsureTech
Travel tech specialist Aquarium Software says the time is now for the travel insurance industry to embrace the power of InsureTech, following the example being set by the rest of the insurance sector.
A new survey of Managing General Agents (MGAs) found usage of InsureTech companies increased 20 percent on last year.
The findings come as no surprise to Aquarium, as more in the industry realise there is only so much that can be done to increase business via conventional means and that smart technology is the most effective way to deliver savings and efficiency, while enhancing the customer journey.
Aquarium is at the forefront of delivering technology solutions to the travel insurance sector.
DevOps is the buzzword on everyone’s lips as the means to deliver solutions more rapidly than ever. But how does such an historically conservative industry like insurance cope with emerging technologies?
“Insurance is still a staunchly traditional product in some respects; the nature of insurance dictates this is so.
However, while experience and pinstripes have previously won the day, times are changing in the insurance space,” said Aquarium Software Director, Mark Colonnese.
“There is much more scope now to use technology as an enabler in bringing apps and new products to the insurance market quickly.
This has essentially been consumer driven by millennials and subsequent ‘switched-on’ generations, presenting a real opportunity for the InsureTechs. We’re more than ready for the ride!”, added Colonnese.
“Gone are the days of lumping everyone into generic risk categories; sophisticated historical and predictive data analysis means customers receive a fairer quote based on real, rather than perceived risk,” said Mark.
“From Fitbits on our wrists to smartphones in our pockets, we have more processing power on our person than IBM used to have in its main data warehouse in the 70s!
Once the stuff of science fiction, AI is here to stay; it will not only influence and refine, but will develop and dictate the insurance purchasing and claims journeys of the future, with unprecedented process automation and personalisation working hand in hand,” concluded Colonnese.