There’s no avoiding it. Technology is all around us and it’s really leaving its mark on the insurance sector. Insurancetech (or insurtech or instech) covers pretty much any technology that’s altering the way the insurance industry works – CoverageSpace falls under this umbrella.
Insurtech could very well be one of the biggest debates in the industry right now. Some brokers love the opportunities and innovations it offers and others just want things to remain the same – why fix what isn’t broken?
Whatever your feelings about it, insurtech is here to stay. In fact, it’s becoming an increasingly attractive investment opportunity for VCs and budding entrepreneurs out there. Let’s take a look then at what the sector is currently developing and what brokers can do about it.
Current day insurtech
If you’ve got a problem in today’s modern world, there’s probably a start-up that’s invented (or is working on) a solution. From peer-to-peer car insurance to back office tools like CoverageSpace that help make your day easier, there are a ton of insurtech companies out there all bidding for your time and dollar.
Many large companies like Accenture and Google are now investing or setting up funding and growth schemes for insurtech start-ups. Traditional insurers are also getting in the game. Aviva, Metlife, and Axa have all set up insurtech VC funds – partly as a way to head off any major disruption (if you can’t beat them, join them!).
What should brokers do?
So, where does this leave the modern-day broker? Far from worrying about the rise of artificial intelligence and other technology doing away with your job, you should be looking at the many different opportunities the rise of insurtech offers you. There’s a chance to really differentiate yourself from the competition (see our blog on how to do this effectively) and your everyday work is about to get a whole lot easier thanks to all the tech (like CoverageSpace) that’s been developed to help.
Most importantly, brokers need to embrace technology and not hope that it will simply go away. The old ways are changing, and brokers need to adapt with it. Keep your eye on current technology and future developments and always consider how it can help you. They say that practice makes perfect, so if you’re not that tech-literate, consider setting aside time each week to learn the tech lingo and how to use different technology.
Insurtech is not going away, and it shouldn’t be seen as something that will hinder the modern-day broker. Instead, by embracing everything it offers, you can help insurtech usher in a golden age of insurance.