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Ways FinTech is Sparking Revolution in Insurance Industry
The insurance ecosystem needs an upgrade as far as technology is concerned, and fintech is playing a pivotal role in integrating technology across functions.
FREMONT, CA: The insurance industry was considerably slow in adopting technologies. But from purchasing a policy to raising a claim, the process was resource-driven, time-consuming, and paper-intensive. FinTech is addressing these concerns and speeding up the adoption. The online environment is no longer strange to consumers and brands.
• Exponential Growth
Financial technology has created an ecosystem that is conducive for exponential growth. Customers are used to purchasing everything online. Fintech is replicating it better where customers can buy claims online and enhance the consumer experience. Just in a few clicks, one can avail insurance instantly. Fintech has also enabled productive user interface, frictionless user journey, and optimized back end processes, changing the way consumers perceive insurance as a product, as a service, and as an industry.
• Convenience- a Priority
Constant innovation drives brands ahead in the competition. Brands need to redefine themselves to meet customers’ demand for a simple yet engaging interface. FinTech helps insurers to create state-of-the-art websites and mobile applications to stay competitive in the market. Convenience is a top priority for brands, and FinTech will help insurance providers to reduce barriers during a customer’s online purchase journey.
• Customized Pricing
Insurance premiums are traditionally price-based. With Fintech, insurance companies can access data that will shift the premium pricing model from generic to specific insurances. Overall, Fintech can help in risk assessment and customized policy pricing for customers.
• Breaking Barriers
By adopting Fintech and going digital, geographical barriers no longer restrict insurance companies. This reduces operational costs, and the cost advantage can be transferred to the customers. Insurance companies can tap new markets by using Fintech as a vehicle fueled by data and innovation.
The insurance industry is ready for transformation and to make headway, insurance companies will have to look to Fintech for inspiration and innovations. It will open the doors to extend the value chain and increase mobility overall.