8 types of insurance you can’t go without

| February 27, 2019

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Insurance can be confusing. The fear of being under-insured or over-insured looms as you make decisions about everything from whether to opt in to your company’s dental plan to how much coverage to carry on your jewelry. It’s highly unlikely that you would need to purchase every type of coverage that’s available to you. Even among these types of policies, your needs are likely to ebb and flow over time. That’s why it’s important to know what kinds of coverage are right for you and your family right now, and how to determine how much coverage is enough. But most people may want to consider these eight types of insurance. Life insurance. Let’s start by exploring what is often considered the most important — life insurance. When it comes to planning for your financial future, no decision is right for everyone. There’s no way to know whether what works for one family will work for another. One exception to this rule is life insurance. Almost all married couples and young families should consider purchasing life insurance. The last thing you want your spouse, partner, or kids to face in the event of a tragedy is an immediate financial hardship.

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Insurtech Advisors LLC

Insurtech Advisors LLC helps connect small and mid-sized insurance carriers to the advances occurring in the Insurtech space. We do this by working individually with each member carrier to identify which Insurtech companies are best suited to support their unique business model. We then work with both Insurtech and Carrier to ensure a successful integration of the new technology into their current processes in a cost and resource efficient way.

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Advancement of Technology in the Insurance Industry

Article | February 12, 2021

In the 21st century, we have witnessed high technological advancement. Just like any other industry, the insurance sector is transforming at a rapid speed. With the changes in demands and expectations of customers, insurers are seeking digital innovation and transformation that not only meet the requirements but also reduces their costs. So, here are a few that are set to engulf the entire industry for the better. These tech trends will help both insurers and customers to achieve what matters the most efficiently. Artificial intelligence For Process Improvement AI tends to disrupt the insurance industry more than any other technology. The main advantages that insurers can claim with AI include reduced claim costs, identifying insurance fraud, and mining voice data for improved customer service. The more an insurer will understand and use this technology, the better they will survive the competition. Customers usually look for a personalized experience when it comes to buying something especially as crucial as insurance. Artificial Intelligence provides the ability to create a personalized experience for a vast amount of users based on the data collected. It also enables fast data access and rapid reporting by removing the human element from the process. Blockchain for Secured Records With the amount of security required in the insurance records and claims, blockchain seems to be the most powerful technology for the upcoming revolution. The thriving technology behind the cryptocurrency has become the center of attention for insurance enterprises. Blockchain having the capability to encrypt all the data can decrease the number of fraudulent transactions, loss of data, and scams. IoT For Protecting Investment IoT (Internet of Things) is a technology trend that can be used to connect different objects to the internet. Be it a car, smartwatch, or a refrigerator. For insurance companies, it can be the most awaited blessing as IoT can help in detecting any problem before the actual damage take place. With the help of this technology, insurers can alert the customers in advance about the problems they might face through vehicle tracking, biometrics, and weather sensing. All of this makes it a win-win situation for both consumers and insurers. Automation For Ease of Verification Automation along with machine learning will drive better efficiency in the insurance sector. Having the intelligent system as support, insurers are exploring the more complex processes that can be automated. Some of which entails verification and approval of claims, customized interactions with customers, acquiring insights of the customers, property assessments, and detection of fraud. Adopt New Tech To Succeed As the competitors of insurance companies are moving ahead, more organizations need to adopt these emerging technologies. Moreover, techs like blockchain and automation are ready to provide more efficient processes. On the other hand, AI and IoT will help in offering personalized experiences while lowering the cost. Besides, a company or insurer can also hire developers to develop their system or application that can provide all the customization and security needed in the processing.

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Is Your Small Business Protected by Cyber Insurance?

Article | March 6, 2020

The expenses resulting from a data breach can be staggering. A cyber insurance policy can help you recover without putting your business at financial risk. Cyber insurance can help small businesses recover from a data breach – but finding the right policy for your business can be challenging. These tips will help you find the right cyber insurance policy.

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What is the Expense Ratio for an Insurance Company?

Article | February 24, 2020

Providing financial security to its consumers is the ultimate aim of an insurance company. However, sustaining its own capability to finance its customers becomes its priority. To measure the financial sustainability, insurance companies use various different methods and techniques. Among them, the Expense Ratio serves as the ideal measure providing clarity on the logistics. Signifying the efficiency of an insurance company and measuring its profitability, the expense ratio gives a clearer picture of the financial aspects of the company.

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How insurers can use big data to manage the COVID-19 pandemic

Article | March 27, 2020

Insurers are stuck between a rock and a hard place. The recent COVID-19 pandemic has forced much of the world to grind to a halt. As companies struggle to manage the impacts on their supply chains and bottom line, greater pressure is placed on insurers to support their clients while also mitigating the downside for their own businesses. On one end, the needs of insureds are higher. Business operations are global and more complex; all the while, clients expect more bespoke service and support.

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Spotlight

Insurtech Advisors LLC

Insurtech Advisors LLC helps connect small and mid-sized insurance carriers to the advances occurring in the Insurtech space. We do this by working individually with each member carrier to identify which Insurtech companies are best suited to support their unique business model. We then work with both Insurtech and Carrier to ensure a successful integration of the new technology into their current processes in a cost and resource efficient way.

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