4.00 Rupee ₹ Android app Development Company | InsurTech Strategies United States
- Location: United States, United States, California, United States
Friendsurance is a social network for policyholders; individuals with the same insurance type connect, and if no claims are made within the group they are rewarded with cash-back.
Immediacy will also be a growing tactic for insurers looking to digitize addressing customer pain points. If customers can’t get information, advice, or make claims at any time, insurers run the risk of rapidly losing business.
How to Best Respond to InsurTech
There are a number of different strategies you can adopt to prepare for the quickly evolving InsurTech environment:
Gain an internal focus. It’s critical to have an understanding of the evolution of the InsurTech ecosystem. Participating in InsurTech accelerator programs, or hosting hackathons with InsurTechs are both helpful ways to become familiar with the value of entering the environment.
Engage with the community. Seek out inspiration and look for opportunities to collaborate. Different perspectives on the industry are tremendously helpful for identifying new ways to generate value. By establishing partnerships insurance companies can work with InsurTechs to develop POCs or launch incubator programs.
Take Action. Eventually, insurers will have to take action; whether that’s collaboration, investment, or changing the organizational culture.
The insurance industry is ready for transformation, to support new business operations, and to maximize efficiency. To make headway, insurance companies will have to look to InsurTechs for inspiration and partnerships. While InsurTech is rapidly transforming the industry, it does not aim to overtake traditional insurance.
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