Insuranceciooutlook

3 European Insurers Skyrocketing Innovations

By Insurance CIO Outlook | Friday, September 06, 2019

Digital insurance products boost insurance providers to develop optimised policies to cover every possible segment for financial need.

FREMONT, CA: The evolution of digital advantages has transformed the work processes and deliveries of the insurance industry. The increasing demands of technology-driven customers encourage insurance providers to develop innovative products and service solutions. Embracing the digital future of insurance, providers invest in new technologies to combine with existing offerings and to explore further opportunities. The industry experiences high participation levels from the insurers to robust the online offerings, improve services, and increase target options for the customers while accelerating the growth rate in the global market. The emerging digital insurance products in the existing ecosystem encourage the flexibility and agility of a quick response to the competitive threats and opportunities. The following digital insurance products reshape the European insurance market.

• Intelligent Mechatronic Systems (IMS) for Auto Insurance

Intelligent Techtronic System develops insurance telematics and Usage-Based Insurance (UBI) programs. The offered insurance model focuses on auto insurers to create uniquely targeted programs based on the objectives and demands. The solution provides an end-to-end platform to manage its acceleration in the market without neglecting the flexibility to develop program targets of the policyholders.  The insurance telematics solutions boost the profitability of the program strategy for individual customers and selected products for their portfolio. It delivers a multitude of benefits, including personal lines, commercial lines, variable-based, time-based, and single/ multiple segments of insurance programs. IMS UBI avails different intelligence components for auto-insurers. With accurate and data-driven reporting and grade scoring, the auto-insurers can manage to create high-quality personalised insurance offering and policies for the individuals. It increases the loyalty of current policyholders and attracts new customers while generating the revenue through value-added service with low risk, cost, and claims.

• Getsurance for Life Insurance                                          

Getsurance develops digital life insurance products to protect individuals with long-term disabilities against the loss of income due to illness or accident. The product uses algorithmic underwriting process, which collects information through simple health questions and provides instant and paperless protection. The user-centric insurance product delivers a responsive interface to analyse the personal risk, customise policies, and intermediate curated products with end-to-end digital processes. The German company brings a bold life insurance product as it combines the regulations and IT infrastructure and participates in underwriting and operations for focusing on distribution or lead generation. Getsurance provides designs to meet the digital generation’s insurance requirements of speed and customer-friendliness.

• Hedvig for Home Insurance

Hedvig is a fast-growing home insurance company, offering only digital insurance solutions. The organisation helps to get personalised insurance for the home with its integrated mobile application. The new generation insurance platform uses artificial intelligence to evaluate customers. The company creates user-centric products for modern and full-stack insurance facilities. The disruptive technology bridge the gap between the service provider and the consumers with customised hybrid insurance solutions. The technology uses an innovative algorithm to reach potential customers with lowest-cost offerings and help them to process their claims instantly.

The European insurance market witnesses innovative solutions for various insurance needs. From life-insurance to the non-life-insurance, policy providers are backed with the latest technological solutions and successfully avail customised offerings for the high-tech demands from customers. In recent years, the financial protection industry has grown to be more customer-centric with the capabilities to consider the facts of individual economic status, personal insurance requirement, and accurate risk analytics.

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