Insurtech Boom- Reshaping the Insurance Market
According to a study, Global Insurtech Market revenue is valued at 5.48 billion in 2019 and is expected to reach 10.14 billion by 2025, growing at a CAGR of 10.80% during the period 2019-2025.
The insurance industry is undergoing a massive transformation. These changes are driven by insurtech firms who are raising the game by driving innovation using technologies such as Artificial Intelligence, Machine Learning, Blockchain, and cloud computing.
These technologies are replacing the legacy software and manual-driven processes way of building and running the insurance business. In addition, due to changing business models, insurance companies are also leveraging digital solutions to scale their business and developing product lines based on the requirement of customers that contribute towards market growth.
So how does it work?
Technology is everything in today’s fast-paced world. When an insurance company starts evaluating InsurTech, they step into the tech segment first. Especially the companies dedicated to the cloud, smartphones, customization, aggregators, and comparators.
Leveraging these technologies help to reduce the need for repetitive processes and tailor plan options to what each customer needs, streamlining the journey from inquiry to enrollment.
Insurtech solutions help insurers in improving the value chain at every stage. The emerging technologies help in addressing customer demands, create efficiencies and reduce costs in the insurance industry. Let’s have a look at key applications of insurtech research and adoption:
Platform-based strategies to customer services help customers to interact with their insurers using websites, mobile apps, purchasing policies, or settling a claim.
Personalization and customized services allow insurers to identify coverage needs and tailor customer services to every policyholder.
On-demand solutions to help customers in purchasing insurance through any hosting apps or websites for the short term as well as long term.
Underwriting support and risk analysis by leveraging artificial intelligence and predictive analytics to help insurers predict accurate claim filings, estimate losses, and determine premiums.
Claim processing by leveraging AI and API-based tools to streamline claim management and assess damage following any type of accident and disaster.
To summarize, Insurtech is revolutionizing insurance by providing customers and service providers a seamless, error-free, and safe way to operate the business.
Artivatic, an insurtech start-up, is transforming the insurance sector where every process is software-driven. The brand Artivatic has emerged over three years after traversing through various challenges and enlightening lessons.
Artivatic is transforming legacy insurance into digital, personalized, and customer-centric while considering the affordability of our clients. We leverage AI and Machine Learning in our daily life and aim to integrate the same to uncomplicate extreme archaic and manual industry to increase the number of insurance policyholders in the long run.
The platform pioneers in the new age digital innovations in insurance (Life & Health) with 400+ modular API infrastructure and Integrated core products like:
INFRD: Integration of Cloud APIs Platform with 400+APIs to provide a holistic solution for all insurance & healthcare services.
ALFRED: One integrated platform for all your claims needs. Provide end-to-end claims automation and assessment platform.
ASPIRE: An end-to-end personalized & affordable solution for employee health & business insurance.
AUSIS: A customized AI-built & 3rd party data-driven smart, real-time & personalized Underwriting Platform for Insurance.
MiO: AI embedded sales, communication & marketing platform for complete insurance & financial services providers.
ProdX Design: A holistic Next-Gen rapid product designing with risk insights.
PRODX DISTRIBUTION: A customized B2B2C distribution and embedded insurance platform for businesses.
Are you looking forward to building the Operating System of Insurance?