Some common types of Insurtech that are utilized by insurance companies
by SMEBOOK (admin) · January 30, 2021
Common examples of insurtech include chatbots and smartphone apps:
- A price comparison site or online broker may make it easier for a customer to find and buy insurance at a fair price.
- By using digital interaction, artificial intelligence (AI), and in some cases a wider range of data sources, companies have been able to offer insurance for shorter periods, such as a month rather than six months or a year.
- Telematics, or long-distance transmission of computerized data, has other uses outside of pricing motor insurance, including encouraging safe driving, monitoring commercial vehicles and their cargo, and logistics and supply chain management, to name just a few.
- Another IoT-related trend is insurers partnering with fitness apps and wellness platforms. This can encourage healthy and risk-reducing behavior and also gather data. And it can drive customer engagement, as consumers tend to interact with an app or the platform more frequently than they would with the insurance company itself.
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