With the blending of insurance and technology (insuretech), new and exciting business models are taking over the industry, making life easier, more convenient, and simple for potential customers.


The insurance industry is undergoing significant changes, and just like with many other fields, this shift is being driven by technology. Building off of the growing popularity of FinTech (Financial Technology), InsureTech is now the latest term being used to describe the blending of technology and insurance.

InsureTech offers young, potential insurance customers great benefits, such as:

  • Lower premiums
  • Significant time savings
  • More efficient, fair, and transparent claims process
  • Innovative new products
  • New distribution methods (eg. P2P Insurance)

 

InsureTech Leads To More Convenient, Fair and Transparent Insurance

One of Canada’s first peer-to-peer insurance platforms, Besure utilizes the power of technology to empower individuals to come together as a community to protect the things they value most. Are you searching for risk protection that always works in your favour?

 

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7 Reasons Why InsureTech is so Important

The development and use of technology within the insurance sector (InsureTech) is having a transformative effect on the insurance sector and is increasingly forming the basis of thinking for the development, monitoring, and administration of insurance products. InsureTech will no doubt bring customers quicker access to more customized, insurance products. Here are 7 reasons why it’s so important:

 

1. Increasing Consumer Engagement With Lifestyle Apps

Today, insurers are creating lifestyle apps that provide additional consumer value on a continuing basis. Given customers’ increasing preference for the convenience and personalization of lifestyle apps, this will soon start to replace price as key buying criterion.

 

2. Advanced Data Analytics Capabilities

Big data analytics plays a very important role in gaining insight into potential customers. It allows companies to forecast their needs, assess their risk parameters, and provide educational training, to give individuals the best possible quotes. In the digital era, this will soon become a necessity for insurance companies.

 

3. Online Convenience

100% online insurance solutions are taking the industry by storm. It provides a real-time interface for people to track and manage their claims, along with many other beneficial features.

 

4. Sharing Economy/P2P Insurance

P2P companies, such as Besure, are effectively using social media platforms to provide cost-sharing services that are simple and hassle-free. Social media also allows for efficient communication and interaction between people and can allow insurance companies to truly connect with their customers.

 

5. New Sources of Customer Information

Smartphone apps, wearables, and IoT allow tech firms to capture new customer data, which is then expected to be used to lower premiums over the policy terms and encourage better behaviour.

 

6. Pay Per Use

The millennial attitude towards insurance coverage is expected to drive the change towards pay-per-use insurance. The ability to turn insurance on and off is expected to be accepted widely in the near future.

 

7. Internet of Things (IoT)

IoT is being adopted at a rapid pace by insurance companies because it allows them to offer relevant packages based on actual use and behaviour, rather than averaged statistics, leading to more bespoke insurance policies.

 

 

Call Today

Are you looking for a more convenient, affordable, and transparent way to stay insured? To learn more about how Besure helps you do this, or to join a pool today, contact us today at 403-460-6961 or fill out our online contact form.

 

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