How InsurTech will shape the future of insurance market

By Puja Sharma

January 04, 2022

AI
Automation
Big Data

InsurTech

InsurTech is developing solutions such as ultra-customized policies, social insurance, and dynamically pricing premiums using new streams of data from Internet-enabled devices.

A report cited, the global InsurTech market size was valued at $9,415.28m in 2020 and is projected to reach $159m by 2030, growing at a CAGR of 32.7% from 2021 to 2030.

The use of technologies in the design, distribution, and administration of insurance products and services is referred to as InsurTech (Insurance Technology). InsurTech is developing solutions such as ultra-customized policies, social insurance, and dynamically pricing premiums using new streams of data from Internet-enabled devices.

InsurTech assists insurers in collecting and analyzing consumer data that may be used to target the proper client at an affordable price. InsurTech also aids in creating better projections of consumer demands, purchasing quantities, and decision-making and insurance planning through the use of machine learning, artificial intelligence, and cloud computing.

More than merely digital communications are provided by InsurTech. It enables carriers to manage schedules and increase the performance and efficiency of their adjusters, which may include blended workforces that include both direct-hire and third-party contractors. After the operations team has optimized adjuster schedules, it’s critical to provide insurers in the field with the tools they’ll need to engage directly with customers, assess the damage, and decide coverage.

Emerging InsurTech companies to look out for

Acko

Acko is India’s first fully-digital general insurance company. Founded in 2017, it provides personalized pricing to customers through deep-data analytics. It studies customers’ interaction patterns and behaviours and accordingly suggests insurance products.

Currently, Acko has insured over 40 million Indians, acquiring 8% of the car insurance policies bought online in India. It also introduced Ola Ride Insurance for lost baggage, laptops, missed flights, accidental medical expenses, and ambulance transportation cover.

Artivatic

Artivatic provides an insurance SaaS platform to automate buyer onboarding, profiling, underwriting, and claims administration. Their solutions leverage cutting-edge technologies like NLP, ML, Deep Learning, Behavior Analysis, AI, and IoT.

Currently, the company is working with 16 clients which include Deloitte, KPMC, HCL, and Cynopia, among others.

Mantra Labs

Mantra Labs is an AI-first product & solutions firm solving the most pressing front & back-office challenges faced by Insurance carriers. Their product portfolio includes — FlowMagic, a visual-AI platform for insurer workflows; an AI-enabled chatbot for insurance; and an AI-driven lead conversion accelerator that maximizes opportunities from the sales funnel.

One of the oldest InsurTech companies in India, Mantra Labs has worked with leading insurers like Religare, DHFL Pramerica, Aditya Birla Health, and AIA Hongkong along with unicorn Internet startups like Ola, Myntra, and Quikr. Mantra Labs also has strategic technology partnerships with MongoDB, IBM Watson, and Nvidia.

Pentation Analytics

Pentation Analytics provides state-of-the-art analytics applications targeting core insurance use cases. The company has introduced ‘Insurance Analytics Suite’ which addresses retention/persistence, cross-sell, acquisition, and underwriting through advanced machine learning models. The product is adaptable to both cloud and on-premise applications.

Pentation Analytics is partners with international technology companies like Hewlett Packard Enterprise, HortonWorks, Hitachi, among others.

PolicyBazaar

PolicyBazaar is India’s largest insurance marketplace. It allows users to view and compare different insurance policies online based on their preferences. Users can also buy, sell, and store policies online. The platform provides an end-to-end solution to track policies and claims assistance. The company hosts over 100 million visitors annually and records nearly 1,000,000 sales transactions/month. Currently, PolicyBazaar accounts for nearly 32% of India’s life cover & retail health business collectively.

The company has support from an array of meticulous investors like SoftBank, InfoEdge (Naukri.com), Temasek, Tiger Global Management, True North, and Premji Invest.

Toffee Insurance

Toffee Insurance is a new-age contextual microinsurance products firm. Its customer-centric products deconstruct traditional underwriting and pack relevant policies according to individual requirements. The company is distributing plans through different channels like APIs, mobile, and SMS transactions. Their current portfolio includes cycle insurance, income protection insurance, daily commute insurance, and dengue insurance catering to individuals with a monthly income of less than $300.

January 04, 2022