The insurance sector has traditionally been cautious when it comes to new technology, meaning innovation and adoption rates have lagged behind comparable industries such as banking and finance.   However, in recent years ‘Insurtech’ has emerged and many larger insurance companies are now realising the potential and benefits and how, used correctly, insurance technology can transform their businesses.

The emergence of Insurtech
The Insurtech scene has grown in stature with an increasing number of credible technology companies offering solutions to the insurance industry, which is seen as being ripe for innovation and disruption.  Technology is now beginning to shape the insurance sector like never before, with the main focus on driving efficiencies through automation of manual processes to deliver cost savings, which will ultimately lead to greater profits.

While Insurtech providers may not be insurance companies themselves, they work to bring down overhead costs by doing everything from integrating mobile technology into insurance policies to providing more transparent and flexible distribution models.   It helps insurance companies become agile and innovative through digital transformation of sales, distribution, and risk management and therefore become more customer centric. 

New ways of working and change is not something that the insurance sector is necessarily known for, but Insurtech has the potential to be a gamechanger on so many levels. Much hyped technologies such as machine learning, artificial intelligence (AI) and blockchain are very much established and are commonplace in other industries on a global scale, but within the insurance sector they are still seen as novel applications that are inherently risky.

Supermoney can derisk adoption and deployment
Supermoney looks to allay these concerns by creating applications that ‘derisk’ the adoption of new technology by not only delivering proof of concepts in a matter of hours, but also making deployment affordable for all companies, no matter the size.

For example, specialist insurance products such as SECURUS which is a fully automated end-to-end finance & accounts reconciliation solution incorporating underwriting and claims functions.   Built using Supermoney’s innovative Distributed Ledger Technology on the Oracle Blockchain platform, SECURUS provides a modular back office system and integrates with new and existing applications via a restful API to give complete flexibility and ensure seamless interaction with established infrastructure.

The use of the existing Oracle based Blockchain infrastructure, along with Supermoney’s proprietary technology means that deployment of SECURUS is quick, straightforward and a proof of concept can be up and running in a matter of hours, rather than weeks, at an affordable price.

SECURUS provides the added benefits of full automation of your processes, thus reducing costs and increasing productivity; the mitigation of risk due to the transparency and accuracy that the platform provides; and increased profitability due to reduced costs and increased revenue opportunities.

In summary
Insurtech will have a transformative effect on the insurance industry providing cost effective, innovative solutions that help companies be more agile, effective and run efficiently.   It’s here to stay and is poised to grow rapidly over the next few years.

With new innovations, technologies and Insurtech products being developed at pace, it’s difficult to know where to invest.   But with greater adoption and costs coming down, the next decade will undoubtedly ensure exciting times for insurance providers, insurance brokers and MGAs.  And these changes will deliver greater efficiencies, profits and new opportunities, whilst also delivering better service, lower prices and innovative new products for end users.

To find out more about Supermoney, SECURUS or discuss your requirements please get in touch – info@supermoney.co or find our more at www.supermoney.co