Insurance as an API allows third parties to use their unique data to deliver quotes within their own customer experience, and even provide an integrated buying experience. (This is more commonly known as “embedded insurance”) It allows coverage choices to be tailored based on the unique knowledge of the customer, who they are, and their risks.
There’s a massive need to upgrade the industry and the insurtechs that get it right are going to win big. We expect continued venture capital funding to continue flowing until the problem is solved.
A PwC survey found that 41% of respondents said they were likely to switch insurance providers due to a lack of digital capabilities and that 53% said they were likely to use digital channels to engage with their insurers within the next 90 days.
The Insurance industry overall is poised for dramatic growth, innovations are giving rise to new kinds of coverage and coverage bundling. Bundling is something every insurer can get better at, and it will increase the financial-footprint of insurers who do it well.
“All of us believe in independent agents. They are the risk experts, the marketing and sales experts, and they are entrepreneurs. The shift to digital is an opportunity for growth, and it’s our job to provide the right tools. We are giving agents a single line of code that opens up a million possibilities, and this is just the beginning.” - Jason Kolb, CEO at Dais
Considering very recent trends and looking only at the weeks ending March 15 and 8, we see that the main variations in the volume of transactions are recorded in the Supermarket sector (+33% increase in the number of transactions in one week, in strong acceleration), the Banking/Insurance sector (+26%)..."
AI will give rise to new products and approaches. By using AI and social media data, this product will try to proactively prevent crises from occurring.
Today, with Dais, his team built a platform enabling API connections. Agencies communicate with carriers and policyholders for a host of services (e.g. CSR responsibilities) and expertise (e.g. underwriting). “Agents are entrepreneurial, ambitious, competitive and they want to drive the…
2020 has been a challenging year for everyone. The pandemic has caused millions to lose their job, upended the economy, and inflicted untold emotional damage on many families. Social unrest has created division, stress, and has caused many more businesses…
Very few carriers are thinking about creating platforms yet, but there are some pioneers who are already making significant strides.