Fintech as a category of new startups is booming. It's telling though that few new enterprises advertise themselves as Fintech. Instead, new startups have begun to categorize themselves based on their specialization.
Insurance companies use software to efficiently operate. The software can vary greatly depending on the products sold, operating geographies, and the point in the insurance ecosystem where they sit.
These days, everyone takes the first 3-5 letters of an industry and puts ‘tech’ behind it. And BAM, that is how everyone categorizes your company. But that does not tell the full story, especially in insurance.
To help you figure out which insurtechs to work with, here is the three-step strategy to know which companies to double down on, and which ones to take a pass.
By combining customer education and easy binding at the point of sale of another complimentary purchase, embedded insurance is poised to reshape the insurance industry. But how can SMB insurance companies jump on this trend?
With unstructured data playing such a prominent role in how businesses generate value, it makes sense to invest in a comprehensive data strategy.
We can automate a majority of manual tasks with the help of AI so that insurance companies can provide their services faster, cheaper and with fewer errors.
In the age of ‘fail hard and fail often’ methodology popularized in the late 1990s Silicon Valley, sometimes startups could learn a thing or two (or three) from legacy companies to create sustainable change.
Companies that can prove strong cybersecurity can request discounts on their cyber insurance. It's also an opportunity for forward-thinking brokers to generate more revenue.
The CEO now has an especially tough decision - move forward with unreliable data, or miss an important opportunity to grow the company? While this seems like a hypothetical scenario, it's very much real.
