“The debate is over” – InsurTech is here to stay
Global InsurTech specialist Aquarium Software has welcomed a recent Capgemini report, which confirms what Aquarium and other techs have been saying for some time – that growing numbers of insurers now see tech as the key catalyst for future innovation. The need for a competitive edge in a fast-changing marketplace is leading a once straight-laced sector to throw off traditional insurance industry conservatism.
Next generation software is allowing policy providers and consumers alike to reap the benefits.
The DevOps software delivery approach allows new products to be brought to market quickly and coupled with the delivery of an array of competitive advantages, such as reduced overheads and enhanced fraud detection, tech is now demonstrating it can deliver the sort of customer trust that will underpin the insurance sector’s growth for years to come.
“Tellingly, 96 percent of insurers are now planning to collaborate with InsurTechs to streamline services and provide a superior customer journey to consumers who connect so much of their lives via smartphone,” said Aquarium Software Director, Mark Colonnese.
“This ties in with what we at Aquarium are finding. Scepticism of the value of tech is no longer a serious barrier.
We agree with the report that the debate is now over – InsurTech is here to stay.
They only remaining questions are how far can InsurTech take the market, and how fast?” added Mark.
There have been concerns that adoption of unproven tech would see an increase in costs for no reward and at a price that consumers would ultimately be unwilling to pay.
However, in a further twist, a YouGov poll commissioned by Aquarium into travel insurance found 70 per cent would be happy if travel insurance cost more – if they had corresponding reassurance that everything they needed covering was included.
“Consumers want enhanced services and seem ready to pay for them. The industry now has a means to deliver, without sacrificing profitability or popularity,” concluded Colonnese.