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    The year ahead for insurtech

    06/02/2018

    2018: What’s next for insurtech

    Insurtech has now become as firmly established as fintech. In the past three or four years, digital technology has been changing the insurance industry in the same way that it has transformed banking, and incumbents are finding themselves competing in a changed marketplace.  

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    How insurance apps are improving the customer journey

    14/12/2017

    It’s not the destination, it’s the journey. We’ve all heard variations of that familiar phrase, and it rings true in commerce as much as in life. Consumer brands such as Amazon and Apple have built their reputations on technology that improves the customer experience, and insurers are following their example by creating insurtech apps to shorten journeys and smooth the route from applications through to claims.

    Unlike consumer goods, insurance is a grudge purchase. This often makes price the deciding factor, although convenience and the customer experience are also important. Because buying insurance is a hassle, we want any purchase to be as quick and easy as possible. And if we can get the best price at the same time, so much the better.

    All this is possible with the new breed of insurance apps which focus on pleasing modern consumers, who have come to expect digital interaction and on-demand service.

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    RDT and Markerstudy launch TRiCE app

    17/11/2017

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    Why mobile technology is a double plus for insurers

    15/06/2017

    The increasing popularity and value of mobile devices, particularly smartphones, has created a lucrative growth area for so-called gadget insurance. And at the same time, there’s an emerging marketplace for cover that’s arranged through phone apps. The result is a virtuous circle where insurers can connect with their customers through mobile technology and also insure the gadgets that provide that connection. 

    Market research consultancy Finaccord estimated that the global mobile phone insurance market was worth about US$13.3billion in 2015, and would reach close to US$17.6billion by 2019. That’s small in comparison to motor and home insurance but it’s already larger than the travel insurance market, and Finaccord says it’s likely to increase at an annual rate well ahead of motor and home insurance.

    So this makes a significant opportunity in a market that barely existed a decade ago, and a double plus for insurers who are already playing to the needs of smartphone users and particularly the millennial on-demand generation.

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