The insurance industry is undergoing a revolution. The blending of insurance and technology is now changing how self insurance works and is making life more convenient and affordable for emerging customers. 


It’s a time of rapid and great shifts within the insurance sector, with technology ushering in a new and exciting era of products and services, greatly changing how self-insurance works.

When it comes to insurance, ‘InsurTech’ offers young and potential customers incredible benefits, including:

  • Significant cost and time savings
  • Simplified underwriting
  • New distribution methods (eg. peer-to-peer insurance)
  • Innovative new products
  • More efficient and transparent claims handling  

Besure is Revolutionizing How Self Insurance Works

Free of the many drawbacks of traditional insurance, Besure utilizes the power of technology to empower individuals to come together within the community to protect the things they value most.

Are you searching for risk protection that will always work in your favour?

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4 InsurTech Trends That Are Gaining Traction in 2019

The insurance industry is undergoing a massive change, and just like in many other sectors, it’s being driven by technology. Building on the growing popularity of FinTech (Financial Technology), InsureTech is now the latest term used to describe the blending of insurance and technology.

Here are the top 2019 InsurTech Trends:

  1. Automation Will Replace Human Effort

In today’s world, most consumers are looking for a purely digital experience that doesn’t require any human contact. This is not a trend that is unique to the insurance industry, but it’s one that will significantly impact the insurance sector.

Why? Small parcels of insurance protection cannot be packaged and sold with human input, whilst also remaining cost-effective. Also, more and more customers are demanding a more automated process.

 
  1. Insurance Apps Are a Thing

Lifestyle apps have become the norm and within the insurance industry, they provide the perfect vehicle for the peace of mind customers are searching for. Such apps not only offer value on a daily basis but they also:

  • Give insurers greater insight into their customers’ behaviour
  • Make the insurance process much more simple and accessible
  • Build brand loyalty, resulting in lower levels of claims embellishment and fraud

Through convenience and ease of service, offering consumers a way to easily and quickly make policy change requests, pay bills, and receive a quote, insurance apps are truly a win-win situation for companies and consumers.

HOW A LIFE INSURANCE APP CAN MAKE YOUR LIFE EASIER

  1. Insurance Premiums Will Become Highly Personalized

When you add together the huge growth in new sources of data, together with tech-enabled data science, it’s inevitable that insurance premiums will become highly personalized. This will be further enabled by tech such as IoT and smartphone apps.

In the future, insurance companies will be able to take in many factors to reflect greater granularity in individual risk profiles and data science will become a key set for underwriters and actuaries.

  1. The All-in-One Insurance Policy Is Here to Stay

From a customer’s perspective, the all-in-one insurance policy makes perfect sense, especially for the younger generation, who want to have one relationship with one insurer and have everything covered in one go.

Imagine giving your insurer details about your home, health, travel, pets, car, and possessions.

They will then give you:

  • An overarching policy
  • A fair price
  • The ability to adjust your cover as needed

This is AI territory and relatively straightforward to automate, making it one of insurance’s biggest trends.

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To find out more about the requirements of joining/creating a Besure Pool, or to begin your journey into self-insurance, contact us today at 403-460-6961 or fill out our online contact form.


 

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