We’ve posted recently about how Insurtech is a disruptive game-changer in the insurance industry. Another prominent market news source has a great article on the topic here. In it, they refer to source material from the International Association of Insurance Supervisors (IAIS), a global organization of industry supervisors and regulators.
TheIAIS report studies the subject in depth, and while it is a worthy document, theaccompanying press release only identifies a number of potential problems with Insurtech, namely that it might:
reduce competitiveness due to reduced choice
lead to traditional insurers exiting the market
increase data interconnectedness due to fewer digital platforms
lead to individualized products, pricing some policyholders out of the market
While all these might be valid points, it’s a pity that the IAIS could not promote the positives associated with Insurtech. Listing a litany of negatives but not the potential benefits of disruptive technology in insurance seems rather one-sided. We thought we’d redress the balance.
At InsuredHQ we’re not new disruptors, as we’ve been around long enough to be original innovators, and we’re proud of our proven Insurtech products and the value they add to insurance businesses. To the IAIS we say:
InsuredHQ is providing a platform that increases access to insurance, especially in developing nations and areas where microinsurance has potential
Our products increase data flow between clients and insurers, allowing more informed decisions to be made, increasing profitability rather than being a cause of business failure and exit
The cost of maintenance and the barriers to innovation that legacy systems represent leads us to the inescapable conclusion that less is more, and our modern digital platform is scalable to individual needs; rather than providing a data warehouse of all information it encounters, it silos that relevant to each customer
The question of actuarial or personal pricing of any insurance product is something for regulators, which the IAIS has an abundance of, rather than Insurtech businesses, which we are.
There’s no doubt that the global insurance sector will undergo significant transformation over the next few years. The question is – do you want to be a part of that, or do you want to be left behind? At InsuredHQ we understand what’s coming, because we’re already a part of it.Contact usabout our cutting-edge, internet-based PAS, which can be customized to suit any insurance or broking business, almost anywhere, and has the advantage of reducing your business tech spend by storing everything in the Cloud.