The insurance industry is ditching their paper driven past for innovative technology that is transforming the way they work. Over the past 2 years there has been nearly a 250% increase in InsureTech investment – with almost $3 billion dollars being pumped into insurance technology companies. InsureTech is taking over by streamlining the way brokers and consumers approach insurance.
Think companies like Oscar, Lemonade, and Goji. These new and dynamic InsureTech companies are simplifying the complexity that many experience when searching for health, property, and auto insurance coverage. Oscar is a tech first carrier which offers individuals affordable health coverage and finds doctors, prescriptions, and appointments right at their fingertips. Lemonade provides renters and homeowners coverage by taking a small flat fee to pay reinsurance costs and to pay claims super fast. The best part? Lemonade then donates any unclaimed money to a cause of the policy holders choice. Goji makes it easier than ever to find and buy the right auto insurance coverage by comparing rates from 16 carriers in a matter of minutes.
So what do these InsurTech companies mean for the insurance industry? Embracing tech-savvy tools is not an option. Passing on InsurTech partnerships is a missed opportunity.
In fact, PwC recently conducted a survey across dozens of insurance and start-up companies, and after analyzing the data, their global insurance leader Stephen O’Hearn noted, “InsureTech will be a game changer for those who choose to embrace it. Insurers have unrivaled access to consumer data and using cutting edge technology to thoroughly analyze it could result in significant benefits for both the company and the man on the street.”
When brokers adapt to cutting-edge technology, they not only save time, money, and headaches, but they make their clients happy. InsurTech can be used to increase customer relations and satisfaction. And after all, isn’t that the most important part of a broker’s job? 74% of small businesses turn to brokers for their health insurance needs. These Small business employers don’t want to wait days to hear back from their brokers. They want their options fast, and in and easy-to-understand setting. Many of these employers are part of the 53 million tech-driven millennials that contribute to America’s workforce. And that group expects and demands technology.
It’s time to bid endless paperwork farewell, and say hello to technology. Your solution is just a click away.