Technological development is shifting the way many industries operate today, pressuring them to step away from conventional wisdom and invest in new trends. In fact, organic development itself is no longer being the only driving force behind technological revolution, customers’ expectations and demands have risen sharply with digitization, thus imposing additional weight on industries to foster change. Insurance is not an exception to the pattern.
The digitization of operations does not only diminish expenses for insurance companies, but also nurtures faster & seamless communication with the clients. For instance, front offices can be quite costly for the companies to maintain, not mentioning the increase in numbers. It is applicable to the field of claims management as well, as the digitization makes the process of evaluation and the communication between departments much quicker and less challenging. However, innovation in the approach to business can introduce a modern way of cutting down on expenditures and still provide a consistent support for their clients.
Innovation in insurance forms a much more advantageous environment for companies and their clients. Moreover, going digital guarantees further advancements of the latest technological innovations within the field, such as artificial intelligence, process automation, bots, use of “cloud” services, virtual offices, etc. Generally, all of these technologies along with the ones currently in use make up the Insurtech. Insurtech employs latest advancements on technological frontier and merges them with the existing business model, which underpins insurance industry, as a whole.
The term Insurtech is mentioned every day with increasing frequency among the news outlets, industry experts and at various forums. It should come as no surprise – not only do founders behind Insurtech-based companies embellish the establish business model, turning it into something more sophisticated, but also pose a grave threat to an established structures, should they continue to disregard innovation. The very pace at which the new tech emerges is already astounding. As a result, there is a need for the insurance events. Insurance events provide the attendees with the possibility to learn about the innovations in the industry, which is what’s important in such an ever-changing field, and to exchange ideas and experience.