The future of insurance and insuretech

Insurance has evolved to more than just insuring homes and cars. In an age where artificial intelligence (AI) and the Internet of Things (IoT) is bringing new technologies to the fore, it’s only a matter of time before insuring robots, drones and other technologies that can do extra-ordinary things becomes the norm.

There’s still some time though before there is widespread adoption of such technology but there’s no doubt that the AI and IoT sector is growing and gaining investment momentum. According to Accenture, global investment in the insurance technology (insuretech) industry surged in 2017, with Europe emerging as the new insuretech hub outside of the United States.

Despite the uncertainty around the United Kingdom’s vote the leave the European Union (EU) the nation continues to emerge as Europe’s insuretech capital. According to Accenture, there were 41 deals in 2017, representing growth of 117% over the last two years. Deal values increased in 2017 with $364 million invested in UK-based insuretechs, which is up from $19 million the year before.

So how far away are we away from seeing several applications for new technologies and the claims that go with them on a regular basis? Experts believe that new technologies will become the norm once the companies, product designers and engineers focus on solving real problems. The good news is that there are already tech companies out there doing their bit. Take these, for example:

  1. LeekBot: This is designed specifically for the insurance industry to detect leaks before they become even bigger problems. It costs £149 and alerts homeowners to the problem. The company currently works with Aviva, Legal & General, RSA and HomeServe.
  2. Brolly: This is a free-to-use mobile app that is powered by artificial intelligence that serves as consumer’s ‘personal insurance concierge’ and allows them to buy and manage insurance policies. The app also informs the policy holder if they are over or under-insured or if there’s duplicate cover. Insurance documents can be stored in an ‘online locker’ and it organizes policy numbers.
  3. Bought by Many: It’s now been reported that Marsh has joined other companies to fund insuretech startup Bought by Many which started in 2012 by creating groups of people with specific insurance needs and negotiating deals and discounts with established insurance. Last year it also launched its own unique products including pet insurance and travel insurance for people with medical insurance.

Technology can be useful, especially if it’s making your customer’s lives easier. But do you have the agility and the tools to successfully integrate with new technologies? If not, you need to think about partnering with a company that will help you embrace and launch your latest insuretech.

If you’re developing insurance products that will embrace AI and insuretech, contact software company SchemeServe to see how it can help. It provides software-as-a-service and consultancy to underwriting agencies and insurance companies all online. If you’re creating a niche product, SchemeServe can help you create new websites and brands quickly, with access to unlimited white-labelling tools.