Past few years have been a whirlwind for the insurance industry in the European region. While the growth has been low due to introduction of complex products and low-interest rates, many opportunities have also arrived giving a green signal to slightly improve their profit margins. Individuals searching for various ways to invest in assets or plan their retirement are now in need of a future-proof insurance plan that could safeguard them against the market future fluctuations and fluidity.
The major focus of insurtech firms is to understand customer requirements and deliver services to align clients’ needs. Be it through scrutinizing their overall operational workflow or adopting latest technologies such as (AI), cloud computing, internet of things (IoT), and big data, insurtech firms leaving no stone unturned to upgrade their offerings.
AI is one of the technologies revolutionizing the insurance sector. This tech has introduced automation and personalization within the industry through its smart algorithms and data analysis ability respectively. By using highly intelligent AI-powered chatbots, insurtech companies are able to extract and gather the demographic data of customers to meet their needs. IoT is another technology that allows insurance providers to utilize real-time data and improve their business objectives such as revenue recovery and customer service. Furthermore, when combined together, AI and IoT provide personalized data to pricing platforms, enabling drivers to pay less for vehicle insurance and people with healthier lifestyles to shell out less money for their health insurance.
Along with AI and IoT, big data analytics is another technology transforming the insurance industry. By using big data analytics, insurance providers extract a vast amount of data available in their systems and leverage that information to gain a competitive edge in the market. The benefits of analytics further extend to unstructured data. Insurtech firms are made competent by analytics to make sense of unstructured data that come in different formats such as real-time video, social posts, and live blogging.
Today, in this world where interactive content is gaining traction, augmented reality (AR) is one of the distinct technologies reigning in every industry. On the same terms, even insurance sector has adopted AR technique to raise risk alerts, explain insurance plans, estimate any potential damages beforehand, and increase brand awareness. Also, virtual reality (VR), mixed reality, and extended reality are improving the overall experience for both the insurers and insured.
In the last few years, many similar developments have been recorded in the insurance market that is simplifying and bolstering the insurtech landscape for both the parties involved. To help organizations choose the best insurance solution providers, a distinguished panel comprising of CEOs, CIOs, VCs, and analysts along with the editorial panel of Insurance CIO Outlook has selected the Top 10 InsurTech Startups in Europe 2019. These start-ups, while in their nascent stage are bringing in innovative ideas on the surface to reshape the insurance industry.
We present to you Insurance CIO Outlook’s ‘Top 10 InsurTech Startups in Europe 2019’
