Many propositions stemming from the insurance technology (or ‘insurtech’) space are designed to reinvigorate some of the most traditional methods and practices within the insurance industry, including product purchasing and distribution, according to research and consulting firm GlobalData.
According to the company’s latest report, insurtech provides a means of accommodating the modern consumer, and challenges incumbents to embrace the unfamiliarity of new technologies. Insurtech start-ups are looking to provide consumers with quicker and easier access to insurance cover, as well as granting more autonomy when it comes to insurance dealings.
Thomas McCourtie, financial analyst at GlobalData, explained: “The industry is looking to fall in line with other areas of commerce by providing consumers with quicker and more efficient services. Insurtech acts as the facilitator in developing new propositions which enable customers to obtain cover without the need to contact an advisor, and can be arranged remotely on a mobile device. Good examples of this include the many online or app-based peer-to-peer platforms emerging from this space, which encourage users to group together and collectively share risk, often without the services of an underwriter.”