Insurance tech that can help you

With technology, buying insurance is no longer the way we know it. Insurance-tech companies have aggressively come up with various platforms to offer more beyond the product and redefine consumer behaviours. According to KPMG’s recent report, Fintech raised a total of US $13.8 billion in funding globally in 2015, more than double of the amount the previous year. Notably, one of the key factors is the investors’ confidence in the insurance tech industry, which can possibly take up as well as banking.

Besides product-focused carriers and comparison sites, there are an increasing number of insurance-tech start-ups that come up with creative ways to value-add and sell an experience. While some simply increase your ease in point of purchase, there are others that even provide you with monetary rewards and long-term support.

Social networks

Insurance social networks are most helpful for those interested in peer-to-peer, more commonly-known as P2P, insurance. In a concept that rides on trust, the cost is shared among policyholders grouped together in the event of a claim from any party and premiums are reduced in the absence of such events. On these social platforms, users are also able to seek mutual assistance, view reviews, and get connected with relevant expertise.

Claims management

There is a repertoire of mobile applications out there that provide assistance for making claims. These include the direct download of claim reports from insurance companies, claim amount estimation and handling of disaster-related inspections.

Personal management

Several tools are also available to help you have an overview of existing policy terms, coverage, tariffs and expenses. It allows users to easily evaluate their options and optimise their insurance.

Free healthcare benefits

A site that rewards you for maintaining a healthy lifestyle is always worth noting. Oscar, probably the first health insurance company of its kind, tops of its plans with perks such as free doctor visits, generic drugs and routine care. Additionally, its online platform compensates by matching you to the right doctor nearby and providing advice from its pool of experts. It even has a Misfit step tracker that rewards you with rebates off various merchants if you reached your goal.

Niche insurance needs

Insurance-tech support, fortunately, is not limited to first-world countries. Bima, for instance, specialises in mobile-delivered insurance in eight emerging countries across Africa, Asia and Latin America. Meanwhile, there are also check-up platforms that help to fill coverage gaps in areas such as pet, rental, and motor vehicle.

See something that may be just what you need? You can check out the full list of notable insurance-tech to see if there is one available in your host country. Not to worry if you cannot find one yet – with the increased attention in the industry currently, it will not take long for it to reach you.