InsurTechs are driving innovation and traditional insurers need to evolve.
No one likes buying insurance and therefore, attractive, simple, no-fuss products are key to the consumer. Sleek experience, easy turnaround, fast payout, no paperwork, no fuss.
In an industry that has been stable for many years, the insurance sector, vastly becoming digitally dependent, is now embracing the benefits that these insurgents can bring.
- In commercial insurance, the focus is mainly on enabling or extending the insurance value chain and therefore InsurTechs are viewed as potential partners.
- In personal lines insurance, this business model is under attack from a variety of cheaper, more agile digital InsurTech challengers where business is likely to take place as an online, mobile experience.
As InsurTechs enter this sector and see data analytics as their secret weapon to fuel their own business models; there is a common requirement across this industry- a necessity for the security of customer data whilst at rest, in motion or in use.