The rapid growth of the insurance sector has underscored the need for deploying modern technology in the insurance workflow to keep pace with the current demands. Traditionally a slow adopter of cutting-edge technology, the insurance sector today has to meet a gamut of demands from customers regarding flexibility in policy risk coverage, payment of premium and claims, and others. Underwriting in such a situation presents a challenge that the legacy systems operational in most insurance firms across the world are not capable of handling. It is here the need to usher in a new paradigm in insurance technology comes to the fore.
With technologies like the cloud and mobile ruling the roost, it is imperative for agents to be equipped with user-friendly handheld devices that allow them to interact with customers and prospects, anywhere, anytime so as to cater to their requirements. The data recorded in agents’ mobile devices is picked up by cloud servers and automatically streamed to an underwriting software solution. Technologies like the IoT, artificial intelligence and machine learning are being increasingly leveraged to ensure error-free transfer of data between systems. For companies operating and collecting customer data globally, big data analytics has become the mantra for companies seeking insights into their customers’ preferences with regard to policies.
In order to keep pace with the technological transformation occurring in the insurance domain, business leaders are looking for new and upcoming solutions that drive operational efficiency in their organizations. In order to help them keep abreast of the various happenings in insurtech, a distinguished panel, comprising CIOs, CEOs, CTOs, analysts and the CIO Applications editorial board, has evaluated and featured the insurtech solution providers that have achieved milestone developments in the domain.
In this edition of CIO Applications, we present to you the “Top 25 Insurtech Companies - 2018”.