To begin with, a little information about innovations in the insurance market.
What does an average customer need today if they want to insure their car, buy insurance for their smartphone or laptop, or purchase health insurance? The following are some of them:
– quick access to insurance products (ideally from a smartphone)
– convenient functionality and a personal account with all purchased insurance
– easy and clear report with online contracts
– payment schedule
– online support
– quick execution of an insurance contract without queues and paperwork
– fast and comfortable payment procedure in case of an insured event
and many more different functions that facilitate the interaction between the buyer and the insurance company.
What does a business need that has a staff, business risks and a vehicle fleet?
– a convenient corporate online account for managing all insurance contracts
– the possibility of automated management
– see all company cars in one account with the expiration dates of CASCO or MTPL
– payments and contributions, analytics and reports
– list of insured employees
and this list can go on for a long time, It can go on and on, being filled with the functionality that speeds up and automates business processes within the company, which allows not only to save human resources and time, but also to effectively integrate insurance contracts into the company’s accounting systems and financial reports.
Customer expectations are actively shifting from traditional models based on brokers or agents to online interaction and mobile communication channels.
Today, insurance is evolving from a complex financial product to a technological product available at the touch of a button. Insurance processes are undergoing radical changes thanks to advances in artificial intelligence and machine learning that are helping companies cut costs and improve customer service.
Consumer demand for insurance products has increased due to a shift in consumer behavior towards a more cautious approach and the availability of opportunities to use the policy without leaving the safety of one’s home or office, working remotely.
Areas such as artificial intelligence (AI), the Internet of Things (IoT) and blockchain for risk underwriting, loss forecasting, claims management and data management are opening up new opportunities for the entire Inshurtech area, in which our insurance company, Innovative Insurance Capital, has been actively developing for several years. And an indicator of this was the rating on the dynamics of insurance payments growth, where we took the honorable 1st place with a growth rate of + 360% (as of 06/30/2021)
Consumers also increasingly prefer digital insurance ecosystems due to the prevalence of smartphones, which allow them to perform a number of tasks, including home payments, virtual doctor consultations, and symptom checks.
The largest Asian platforms such as Alibaba and Tencent now offer insurance products on their platforms.
This solution opens up interesting opportunities for the insurance market, which have been taken advantage of by tens of thousands of our customers who have insured their gadgets in hundreds of stores in Ukraine, where our innovative InRisk solution is presented, allowing businesses to solve all their insurance product requests and customers to receive decent and prompt service when buying any equipment in stores.
Today, our insurance company is actively developing in the field of providing insurance services through automated cloud solutions. We work with large retailers and entire networks, serve large manufacturing companies with a range of insurance products and introduce new technologies to ensure that the insurance market does not just sell insurance, but also provides a convenient service for businesses and their customers.
