Liga Asuransi – Halo Risk takers, The insurance industry has become an essential part of modern life. The need for adequate financial protection is increasing in this ever-changing and increasingly complex era. However, with advances in technology and the rise of insurtech (insurance technology), the way we secure the future has undergone revolutionary changes. This article will explore how insurtech is changing the landscape of the insurance industry and helping us secure the future in more efficient and innovative ways.
Enhanced Accessibility and Affordability
One of the most significant impacts of insurtech is the increased accessibility and affordability of obtaining insurance coverage. Traditionally, getting an insurance policy can be complicated, involving lengthy forms submission, physical meetings with agents, and a time-consuming evaluation process. However, with insurtech, customers can now obtain insurance quickly and easily through digital platforms. The simplified application process and the ability to compare prices and benefits of various insurance products allow consumers to choose the option that best suits their needs.
In addition, insurtech has also led to the offering more affordable insurance products. By eliminating traditional costs such as agency fees and excessive bureaucracy, technology-based insurers can offer lower premiums to customers. This allows more people to get insurance coverage which is essential in securing their future.
Customized Insurance Product Innovations
Insurtech has driven innovation in insurance products with artificial intelligence (AI) and data analytics. In this case, insurtech collects and analyzes customer data to understand the risks associated with them more accurately. This allows insurance companies to offer products that are more tailored to individual needs, as well as provide more competitive price quotes. For example, telematics-based insurance uses data from car devices to assess driving behavior and offers lower premiums to safe drivers.
In addition, insurtech has initiated new insurance products more adaptive to changing lifestyles and customer needs. For example, on-demand-based insurance has emerged with the development of the sharing economy and social networks. Customers can activate and deactivate insurance protection according to their needs, such as travel insurance for a certain period or renter insurance when using a borrowed motorized vehicle.
Changes in Claim Submission and Quick Resolution
Traditionally, filing an insurance claim can take months and involve complicated paperwork and procedures. However, insurtech has changed the way claims are filed and processed. With the existence of mobile applications and digital platforms, users can easily submit claims via their mobile phones and upload the required documents. Natural language processing technologies and artificial intelligence enable the system to verify and validate claims quickly, speeding up the settlement process and minimizing red tape.
In addition, insurtech has also introduced the concept of automatic claims. Through integration with relevant data, such as data from IoT devices or electronic medical information, insurtechs can automatically identify valid claims and initiate payments. This reduces bureaucracy and claim settlement time and improves customer satisfaction by providing a smoother and more efficient experience.
Risk Prevention and Control
Besides protecting our finances after a risk occurs, insurtech also helps prevent and control risks. Sensor, data monitoring, and Internet of Things (IoT) technologies allow insurers to collect real-time information about risks and provide sound advice to customers. For example, networked fire sensors can identify fire risks and notify homeowners and firefighters in real-time. Thus, insurtech shifts focus from only providing after-event protection to being more oriented towards prevention and risk reduction.
To encourage risk prevention, insurtech has also introduced a behavior-based incentive program. Using data and analysis, insurance companies can offer premium discounts or other rewards to customers who implement specific risk prevention measures, such as maintaining health by eating a healthy diet or exercising regularly.
Conclusion
Insurtech has revolutionized the insurance industry in ways unimaginable before. From enhanced accessibility and affordability, customized insurance product innovation, fast claim submission, and risk prevention and control, insurtech has changed how we secure our future. Through technology integration and a more adaptive approach, insurtech provides more efficient, transparent, and personalized solutions in the insurance world. In this digital era, adopting insurtech can help us harness the potential of technology to protect our finances and achieve greater financial security. By continuing to innovate, insurtech will change how we see and secure the future.
As an insurance broker with the motto Smart Insurance Broker, L&G Risk also applies it in its daily operations when managing clients. L&G Risk is collaborating with Ligasys, an insurance management application developer still focusing on developing insurance brokerage operations. “We have quite a long experience in the insurance industry, especially insurance brokers, and we have faced many cases from our clients. So diverse and complicated in each of these cases. It takes special expertise to handle it. Mr. Taufik Arifin, CEO of L&G Risk, continued, “Therefore, we changed our client management which for years has become an IT-based application so that L&G personnel can easily manage clients properly.” That’s a bit about one of the insurtech currently developing in Indonesia. For more details about Ligasys, the author will describe it in a separate article.
This information is presented by L&G Insurance Broker – The Smart Insurance Broker.
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