Why are so many of the biggest players in the life insurance sector investing substantially in their own insurtech accelerators? They know that these tech companies are creating the future that will help traditional life insurers in their own transformation processes. They also know that it is simply a wise financial investment. Insurtech is one of the fastest growing sectors of the economy. Given the flexibility inherent in the startup sphere, these companies are also able to look at perennial concerns from a fresh perspective. With a host of new tools at their disposal, they can tackle problems with innovative approaches and often at minimal cost.
The life insurance industry as a whole has long struggled with the problem of trying to sell a product that forces people to consider their own mortality, an uncomfortable situation. However, current trends in wearables, data analytics and instant communications have given the industry a tremendous opportunity to focus on fostering wellness and quality of life. Consumers can think of their life insurer as a partner for living, rather than the last thing they want to think about.
The growing world of insurtech also allows smaller life insurance companies to punch above their weight. They can bypass clunky traditional systems and implement sleeker, more minimalistic software that takes advantage of new technologies in cloud computing, data analytics, AI and machine learning. Smaller insurers can also look to insurtech firms to facilitate their adoption of the latest trends in distribution, customer service, pricing, claims and even underwriting, at a fraction of the cost of traditional software solutions.
You can learn more about insurtech, and meet the heavy hitters, at InsureTech Connect, September 23rd – 25th, 2019 at MGM Grand in Las Vegas. Register.
InsureTech Connect is the world’s largest insurtech event, offering unparalleled access to the largest and most comprehensive gathering of tech entrepreneurs, investors and insurance industry executives from across the globe. Founded by Jay Weintraub and Caribou Honig, ITC is expecting more than 7,000 attendees from 60+ countries this year. InsureTech Connect 2019, presented by Oliver Wyman, will be held September 23rd – 25th, 2019 at MGM Grand in Las Vegas.