Understanding Insurtech

As far as embracing technology across industries goes, it is fair to say that the world has been overwhelmingly supportive in this endeavour. The entire modern world has faced its own form of modernisation in the form of technological impact in recent years. Each said impact has proven itself to be valuable – sometimes beyond expectation. It is the way of the modern world that technology be introduced and anchored down as a mainstream facet in disrupted industries, for the foreseeable future (and likely forever). In the finance industry, for example, technology has been introduced hard and heavy in the form of finance technology (Fintech). Technological disruption and rapid digitalisation in the finance industry has been going on for a few years now, but this is the first time we have seen giant leaps and bounds in the way of technological evolution in the industry, on such a consistent, and global, scale.

Fintech extending to encompass insurance

The finance industry has been experiencing its share of technological disruption in recent years. From the digitalisation of bank account management for consumers (think apps and websites), to the instantaneous global transfer systems now in place in many banks, and even to cardless cash and smartphone payments, technology has absolutely begun to take over the finance industry, in the form of Fintech. Currently, this is an industry that has gradually embraced the ease and efficiency of technological advancement and further innovation, and now it has expanded beyond its initial reaches to encompass insurance as well.

Insurtech as its own sector of industry

This is where Insurtech comes into play. Insurance has always historically been an intricate facet of the finance industry, and this has not changed. However, what has changed is the potential reach for consumers to be able to more adequately and responsibly handle their insurance applications, claims, and everyday uses. Now, technology has disrupted this facet of finance, effectively creating and solidifying a more secure, fast way for individuals to conduct all insurance-related tasks. It is a global movement, too. From insurance companies in New Zealand or Bali, to Calgary insurance brokers (and everywhere in between), the insurance game is being given a decidedly digital revitalisation for the ages.

The future of Insurtech and the finance industry

The finance industry has faced its fair share of trials and tribulations over the years. This is common knowledge. What many people are finding so intriguing is the sheer rapid pace all this innovation and technological proficiency has evolved at. More than anything else, Insurtech creates a seamless user experience that inspires courage, security, and trust between consumers and the parties responsible for handling insurance concerns and queries. The future of Insurtech and the finance industry is by no means set (after all, is anything truly ever set in stone?), but it is certainly looking to be an overwhelmingly positive future. If nothing else, Insurtech has taken Fintech to the next level, and in turn has forged a stronger foothold for the finance industry going forward. And that is something that matters to individuals around the world.