What Is InsurTech? Introducing 2 InsurTech Companies Cases

What Is InsurTech Introducing 2 InsurTech Companies Cases - Moniedism

What do you imagine when you hear FinTech? Many people may imagine cashless payments and virtual currencies. These are mainly "bank technology". On the other hand, although it is not so noticeable, let's also hold down InsurTech, which is called "Insurance Tech". InsurTech is an insurance technology.

What is InsurTech?

Do you know the word InsurTech? It is a type of fintech that is a coined word that combines insurance, which means insurance, and technology, which means technology.

Insurance is one of the financial products, but the procedure and examination process are basically complicated and time-consuming. In addition, the stake changes according to the risk, but the disadvantage is that it is difficult to calculate the risk individually.

However, with the development of technology, it is becoming possible to carry out procedures digitally, and individual risks can be calculated by big data analysis, and it is becoming possible for insurance to cover areas that were not possible before. It can be said that InsurTech is creating a new sensation in the insurance industry.

In fact, InsurTech is gradually gaining attention as American insurance giant Aflac expanded its investment in start-up companies in Japan in February 2019.

Will InsurTech Proceed? 2 InsurTech Companies Cases

What kind of new services is being created with the breakthrough of InsurTech? Let's take a look at the cases of the developed countries of InsurTech, the United States, and Europe.

You can make insurance! "Bought By Many"

Bought By Many is a UK-born insurance service that sets it apart from traditional insurance. This is because traditional insurance is "choosing what the insurance company has made", but in the case of Bought By Many, it is "negotiating the insurance that many people want with the insurance company". Another feature is that insurance is divided into small segments such as pet insurance and sports insurance.

Bought By Many negotiates with the insurance company so that if you agree with the insurance, you can buy it cheaper than regular insurance.

Metromile that pays only for the ride

Metromile is an American-born insurance service that makes car insurance on-demand. Usually, automobile insurance is a fixed amount, but Metromile says, "Pay the automobile insurance only for the fixed cost."

MetroMile is characterized by the fact that the amount of insurance is determined by attaching a dedicated device to the car and measuring the distance traveled. As the IoT develops, such on-demand insurance may increase.

InsurTech is a growing industry

Only FinTech payments and virtual currencies are attracting attention, but InsurTech, which is an insurance technology, is also one of the industries to watch.

The scale of the world market is steadily expanding. Since new services are being created mainly in Europe and the United States, the insurance industry may move around InsurTech in the future.

Post a Comment