If you have been following Hackquarters for a long time, you may have noticed our interest in the Fintech sector. As the Hackquarters team, we had a chance to work closely with various Fintech startups since 2015. During this time, we could observe developments of the Fintech industry. In this regard, Insurtech comes as a part of Fintech. Being a part of Fintech, Insurance technologies is an area based on providing solutions to the insurance sector with a technological approach. It is a system with unlimited opportunities for entrepreneurs, supporting the development of all innovative technologies to facilitate the lives of insurers and insurance companies by minimizing their risks.
A car insurance policy for your vehicle today is calculated based on some very basic criteria. The age of your vehicle, your age, your accident-free status and your total history, your province and profession, have an impact on the price of your insurance policy. However, hundreds of criteria such as your average speed of driving, entering and exiting bad roads, incorrect parking, incorrect turns, and no signal on turns may affect your insurance history and policy to increase and decrease. It is at this point that Insurtech solutions can combine different technologies such as the Internet of Things and offer different solutions to the market. Thus, companies are gaining more customers, while users can get lower-cost policy solutions. Insurtech provides fast, flexible and diverse solutions to the insurance industry while providing traditional companies with the opportunity to expand their users.
The pricing of insurance policies is determined by the complex risk assessment procedures of insurance companies. Big data applications, which are used in many fields to get meaningful results from complex data, are also seen in the Insurance sector. These practices can make insurance companies more efficient by shortening the complex risk assessment processes.
IoT allows insurance companies to move faster and make data-driven decisions.
Companies no longer have to deal with the paperwork and manage the demand process more efficiently. Instead of filling in countless forms, customers can now take a few photos and fulfill their demands with mobile applications or use virtual assistants and chatbots. Connected devices, such as biometric and environmental sensors, make it easy to calculate risks and regulate policies as the situation changes. Data from connected devices enables insurance companies to identify their customers at a deeper level with more accurate personal information.
Health data from wearable technologies allow us to make outputs about people’s chronic or potential health problems. In this way, it makes it easier for people to make a healthier decision in the insurance purchase process and to provide the customer with the appropriate policy for insurance companies.
It is obvious that we will hear more about Insurtech applications in the coming years.
In addition, Insurtech startups operating in the field will gain even more speed. During this period, Insurtech startups need to make good use of the opportunities and closely monitor the problems of the Insurance sector. We have been working closely with the BNP Paribas Cardif team to design the Disrupting Insurance Startup Challenge in order to make Insurtech startups more dominant in the sector. Applications are going on until 4 December 2019. In the Startup Challenge that will take place in Kolektif House on December 19, the winners of the challenge will get to chance to partner with BNP Paribas Cardif. To hear more about event and apply: