Given that all businesses are moving online nowadays, the survival and development of a business depend on its growth in cyberspace. Insurance companies are also trying to stabilize their services and provide online remote access for the people they cover. Insurtech, known as “insurance technology” is one of the nine significant and practical sub-branches of FinTech or financial technology.
Insurtech is generally designed to organize insurance services and financial management of users.
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What exactly is Insurtech?
Insurtech seeks to streamline savings and insurance financing processes using technology-based ideas; this efficient FinTech tool helps insurance users in a wide range of approaches, a significant part of which is related to financial issues and capital control in insurance.
The need for Insurtech will be understood when we become more familiar with the traditional insurance system; the biggest problem with traditional insurance systems is because these agencies provide services based solely on physical presence, and this physical presence brings about other difficulties.
When a customer comes to the office of a specific insurer, they are sure to be impressed by the provider’s advertising and appearance. As a result, the customer may receive insurance from the same provider without considering other insurance institutions.
Also, another problem that some insurance customers may face is rooted in some false needs. A group of insurers is dealing with those possibilities which rarely happen, and are even somewhat unreasonable; Insurance professionals try to charge customers more by marketing professionals and highlighting this aspect of insurance services.
Given these preliminaries, it will be somewhat easier to understand Insurtech. Insurtech seeks to change the way traditional insurance services are delivered in a customer-centric way, using different kinds of tools and capabilities; Note that the phrase “audience-oriented” or “user-centric” is one of the central concepts in the world of Insurtech.
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What are the goals of Insurtech?
The central goal of insurance technology is to focus on the needs of insurance customers or users; this focus allows Insurtech specialists to design a variety of tools for users to monitor their insurance activities from any perspective. In addition to this general concept, there are other minor goals in the world of Insurtech; including:
- Digital insurance
Undoubtedly, the first and foremost goal of these shortcuts is to provide insurance services digitally and in person; This will be possible through different means such as a computer or mobile platforms. Of course, you should also keep in mind that this way of insurance coverage is not a piece of pie, because many problems, such as identification or product expertise to be insured, prevent the proper performance of digital insurance.
- Offering various insurers
Another service that these shortcuts offer to their users is to eliminate the problems faced in the traditional insurance system. Insurtech specialists strive to provide platforms to provide a wide range of services for insurer participating in it. By this means, customers have abundant choices.
- Optimal savings
Other categories of services provided by these companies are related to savings. This goal is pursued with different means and solutions. But in general, we can say that the experts of Insurtech provide platforms and applications to users to pursue their savings more seriously.
- Contributing charity activities
Charity is also considered in all Insurtech. Technology is trying to encourage financial managers to donate more to charities. These shortcuts also try to provide better systems for managing and controlling charity investments to managers in this field.
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What are the tools of Insurtech?
Certainly, the paramount tool of insurance technology is the digital world and the Internet; this platform helps professionals connect many users to a large group of insurance providers. This requires a variety of infrastructures, such as a strong Internet foundation and cybersecurity promotion systems.
In addition, these shortcuts use other tools such as artificial intelligence products in their work; Artificial intelligence helps individual FinTech designers to design optimal tools without human intervention and only using specified patterns. Tools made with the help of artificial intelligence allow users to receive their insurance services without a time limit; it is interesting to know that the use of artificial intelligence expands the volume of service delivery.
In addition to artificial intelligence, other tools are helping to advance the world of digital insurance; one of these tools is called I.O.T or Internet of Things.
The Internet of Things means the hardware capabilities that enable the devices around us to connect to the digital world. For example, refrigerators, stoves, homes, or machines that connect to the Internet using the Internet of Things.
The Internet of Things (IoT) is one of the most effective tools of these shortcuts to promote the identification and evaluation of products to be insured by the insurer.
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Insurtech in brief
- Insurtech means the use of technology to improve the model of providing insurance services and the model of using the services of insurers.
- Insurtech has various purposes, and each category of Insurtech tools is designed for a specific type of purpose of this branch of FinTech.
- Features such as artificial intelligence, robots, the Internet of Things, and data analytics help Insurtech specialists better pursue their goals.
StrAIberry was developed to improve the quality of oral health of the community to help people follow proper dental routines. However, the chief plan of StrAIberry is for health insurance companies. They can easily access information about the general health status of their users, and with better management of their users, reduce the costs paid by insurance. Because as you know, more than 95% of oral problems can be prevented with regular and continuous monitoring.
- Patient records
Perhaps the principal solution provided by StrAIberry is to create and maintain each person’s file. Note that each person’s file contains general changes in the status of each of their teeth over time. This means that the insurance specialist will easily understand what problems each of the individual’s teeth has had over time and what treatments have been performed on them.
The information is provided to the insurance specialist in a very simple and structured way so that the insurance specialist can be informed about the current and past situation of the person without having information in the field of dentistry.
Now, due to the existence of the same file the person, the insurance specialist can easily avoid fraud in the payment requests of users. For example, when a person has undergone root canal treatment for one of their teeth, they cannot pay for the claim because the two treatments cannot be performed on one tooth. Also, having a history of each person’s teeth, the insurance specialist will be able to easily evaluate each of the claims.
- Assess the risk and cost of each person
One of the central advantages that StrAIberry provides for insurance companies, is the assessment of insurance applicants’ oral health. The insurers have an accurate and rapid assessment of the individual’s condition at the beginning of the insurance service application process. Then based on the risk of insuring, they offer a fully adjustable cost to the individual. So that the applicant is more willing to use the insurance services, and also the insurance company manages its portfolio accurately and intelligently.
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