Five Insurtech predictions for 2020

Sabine vanderlinden | January 15, 2020

article image
For many insurance professionals, the word ‘InsurTech’ is met with a visible smirk or cringe. It’s become a buzzword with negative connotations because, in many instances, InsurTechs haven’t yielded the promised collaboration results. This is illustrated well in Deloitte’s 2020 Insurance Outlook – for the second year in a row, launches of new InsurTechs have come to a virtual halt, with only a handful entering the market after hitting a high of 479 in 2016.

Spotlight

Colonial Penn Life Insurance

For over 50 years, Colonial Penn has specialized in offering life insurance directly to consumers at affordable prices. Through mail, TV, our call center and the web, we focus on providing life insurance protection for folks like you and your loved ones. We strive to live our four core values - Integrity, Customer-Focus, Excellence and Teamwork - in each and every interaction with our customers. Our policyholders can rely on us for reliable, personal service, security, and peace of mind.

OTHER ARTICLES

Social media intelligence for insurance?

Article | April 21, 2020

In the financial services industry, reliance on big data has been increasing at a global level. The usage is not limited to marketing purposes alone but extends to fraud and risk prevention. Customer demand for personalised products is responsible for this shift. The future of insurance is also being shaped differently due to this. The current lengthy questionnaires won’t be needed at all. Just the data collected will help to accurately predict risk and create policies customised to the person’s needs.

Read More

7 Business Models of the Future for Insurers

Article | March 18, 2020

The insurance industry continues to be an enabler of innovation. Since its creation three centuries ago, it has become an essential part of the global economy — providing security and resilience to businesses and individuals alike. But the fundamentals of how it operates have barely changed. As we enter a new decade, the industry must reflect the reality of the needs of today’s businesses and society. Large commercial insurers and reinsurers, in particular, have an increasingly urgent imperative to realign their organizations and modify their offerings to include stronger preventive services against new and evolving threats, including climate change and cyber risk. There is a huge opportunity. Our latest NextWave Insurance report reveals that, should the industry act now, an unprecedented growth and profitability spike is within reach. By 2030, we project that large commercial insurers and reinsurers could experience:

Read More

How Prepared are Insurtechs Against the Threat of Coronavirus?

Article | March 13, 2020

The losses and costs resulting from the outbreak of coronavirus are estimated to be in the enormous sum of four trillion US dollars – but we don’t see this as reason to panic. Thanks to a mobile-first approach, technical infrastructure and direct sales, insurtechs are protected against the crisis and, right now, they are one of the most promising business models, in one of the largest markets in the world. The developments surrounding coronavirus could therefore even be described as a catalyst for insurtechs. Crises reveal how strong a digital business model is. And coronavirus in particular demonstrates the extent of the technological lead over traditional insurers.

Read More

Will Digital Overload Turn Consumers Away From Insurtech Products?

Article | February 14, 2020

Despite consumers never having had so much choice of technology, media and telecommunications (TMT) products and services, many UK households are becoming overwhelmed by the prospect of switching provider, which is leading to apathy among consumers. This kind of weariness with online tech could well hamper new insurtech start-ups, looking to win over new customers who are already browsing their fave websites and apps.

Read More

Spotlight

Colonial Penn Life Insurance

For over 50 years, Colonial Penn has specialized in offering life insurance directly to consumers at affordable prices. Through mail, TV, our call center and the web, we focus on providing life insurance protection for folks like you and your loved ones. We strive to live our four core values - Integrity, Customer-Focus, Excellence and Teamwork - in each and every interaction with our customers. Our policyholders can rely on us for reliable, personal service, security, and peace of mind.

Events