Top 3 Innovative Insurtech Products of 2021

Groundbreaking technologies such as artificial intelligence, the Internet of Things, and blockchain are reshaping the future of insurance, making a dramatic impact on risk management. Insurers sink their money into tech startups and strive to develop new solutions and platforms. There are roughly 1, 500 insurtech companies operating all over the globe, which address the stringent requirements of the industry. It’s important to keep in mind that insurtech is still in its infancy, so it’s only begun to address the potential value pools. If you’re curious to know how insurtech will change everyday life for people, please continue reading to discover the emerging policies. 

Car insurance 

For safety and security purposes, the law has made it mandatory to possess car insurance. Buying car insurance is now similar to shopping for a product in the sense that you need to compare prices and find the best deal. Insurtech streamlines the process. Insurance has been stuck in its way for too long and change is positively welcomed. With only a few clicks, you can find car insurance quotes and identify affordable rates for great coverage. Soon enough, insurance costs could be built into the price of the vehicle, and premiums may rise given that avant-garde technology continued to be added. Additionally, insurers may provide individual, usage-based policies for drivers. Transforming car insurance into a digital process makes it easier for all parties involved. 

Home and Contents insurance 

Home and Contents insurance can pay for the repair or restoration of your place. What is more, it can cover the expenses related t0 replacing certain possessions after a storm, fire, earthquake, etc. If you’re willing to reduce the risk in your home and install smart technology like high-altitude surveillance (or simply drones), you may receive better value premiums. The property is covered for its full value, meaning that you don’t deal with extra bills when making a claim. The insurance company analyzes the data from the satellites and uses that information to determine what to do next. Interestingly enough, many customers have adopted virtual claims handling. 

Health and Life insurance 

Customers expect more value for their premiums and they don’t hesitate to switch insurance companies. Therefore, there’s a serious need for improvement. Too many processes are manual, causing inefficiencies and negatively impacting customer experiences. Insurtech eliminates all obstacles and helps insurers reach their ROI faster. By utilizing AI, insurance companies can process data faster, speeding up important processes such as onboarding. There’s good news for active people. Some insurers offer customers incentives for activities like walking, running, or swimming. They’re even rewarded for getting a good night’s sleep. All activity is monitored via fitness trackers. This goes to show that insurers can adapt to the pace of technological change. 

All in all, more sophisticated insurance products are expected to emerge, as coverage needs continue to change. Companies that adapt to the new normal are capable of meeting social, personal, and essential needs. Forward-looking insurers have responded to the challenge, digitizing operations, and offering a wide range of innovative products.