The insurance industry is currently going through an incredible amount of change. This is largely because developments in insurtech are making insurance solutions faster, better and more effective than ever.
In the first quarter of 2016 alone, more than $650 million
of funding was given to insurtech companies. The result of insurtech progression is that insurance companies now have more data and insight to work with than at any point in history -- but also face a challenge.
This challenge is the need to become nimble -- quickly.
See also: Fast and Slow: the Changing Landscape
The importance of swiftness
Cognitive computing, robotic process automation, Internet of Things applications, the gig economy and even self-driving cars are all now issues that insurers must consider. All these developments mean that methods and practices that insurers have been using for decades are changing rapidly.
Also contributing to the need to be nimble is the fact that America has recently experienced a cataclysmic housing market crash and has elected a president who seems dedicated to shaking up the insurance world. President Trump has already attempted to repeal Obamacare
and has stated his intention to remove state lines
for insurance company operations. The political uncertainty means that law and regulations could change quickly.
Staying on the cutting edge
One way that insurers are staying on the cutting edge is by looking for ways to speed up processes, and to operate more efficiently. I would know, because my company, WeGoLook
, helps insurance companies to do just that. WeGoLook provides insurance solutions, financial services, auto and fleet inspections, and heavy equipment verifications for companies. Our innovative mobile application facilitates inspections and data collection that help in insurance claims processing. We have 30,000 on-demand agents in the field, who collect 65,000 data points on a daily basis.
Gig companies such as ours plug into supply chains easily with innovative technology, which is why traditional insurers are taking notice. In fact, this is exactly why Crawford & Co. took an 85% stake in WeGoLook
. Partnering with digitally powered gig economy startups can make insurers more nimble.
See also: How to Embrace Workforce Flexibility
For insurers that can adapt to the swiftness that is now required, substantial profits can be made. Those that cannot may find that their companies suffer dramatically.
Being nimble is the new standard for insurers.