Rapid technological advancements have led to changes in consumer behavior in all industries, including insurance. Fintech provides an innovative way in which insurance companies can keep up with shifting customer expectations.


Today we are living in a tech-savvy world, where everyone has access to a smartphone, computer, and internet. This has become the key to do everything, anywhere, with just a few simple clicks, and has changed consumer expectations in many industries, including insurance, as they are now looking for:

  • Greater convenience
  • Speed of transaction
  • Unbiased decision making
  • Ease of use

Because of this rapidly evolving situation and higher demands by consumers, insurance companies driven by FinTech are becoming highly sought out as they are able to broaden the spectrum of transactions and services that consumers can do over their mobiles and other devices.

 

Powered By FinTech: How Besure is Revolutionizing the Insurance Industry

Designed to be free of the many drawbacks of traditional insurance, Besure utilizes the innovative principles of FinTech to allow consumers to create pools, or risk-sharing communities, that significantly lower their insurance costs and help them protect the things they value most.

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HOW A BESURE POOL WORKS

 

5 Ways Fintech is Driving Advancements in the Insurance Industry

Today, consumers are increasingly looking for insurance products that provide value for money, assurance of coverage, and incredible customer service. Fintech provides a way of making the insurance process much more transparent, simple, and direct, thus more accessible to everyone.

Here are 5 customer benefits of FinTech:

 

  1. Consumer Empowerment. Traditionally, consumers would just sign a dotted line as directed by an insurance broker (with no questions asked), but today, FinTech services, such as P2P insurance gives customers greater control over their policies, allowing them to make well-informed, and most importantly, independent decisions.

 

  1. Greater Convenience. FinTech allows P2P insurance companies to utilize mobile connectivity to enhance the cost, efficiency, and convenience of their services. This is extremely important because customers want to use their smartphones and other handheld devices to manage their finances.

 

  1. Cost Effectiveness. As FinTech encourages the online shift of insurance companies, it does away with the need for brick and mortar structures, bringing down the establishment costs for the insurer. This, in turn, results in lower premiums and processing costs for the customer.

 

  1. Greater Data Security. FinTech insurance companies take security extremely seriously. With high data security standards in place and strict no-spamming policies, these new companies are making customers feel more confident about transacting online.

 

  1. Wider Reach. An insurance company that operates from an online platform is able to target an entire new geography of customers because they no longer depend on brick and mortar setups.

 

P2P Insurance Companies Prove to be a Game Changer in the Industry

 

Today, customers are increasingly looking for greater self-control, 24/7 access, and convenience, which is everything that traditional insurance companies cannot provide, and P2P, FinTech driven insurance companies can.

If you are looking for a more affordable, convenient, and fair way to insure your valuables, our innovative P2P insurance platform can give you everything you need. To find out more, contact us at 403-460-6961 or fill out our online contact form.

 

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