Insurance Technology

Insurance companies are striving for new ways to enhance their policies and processes. What are the risks and opportunities?

Insurance is predestined to be one of the most quantitative and data-driven yet personalized and customer-centric industries — risks can be defined, measured and priced according to the customer’s characteristics. The insurance sector should be at the forefront of service innovation. However, in reality, we see legacy backend systems from the 80s and pushy sales agents. The industry is ripe for agile and customer-centric business models to enter the market to enhance insurance for everyone. We have already seen the first wave of InsurTech startups successfully improving B2C insurance sales and management — now is the time to take InsurTech to the next level.

B2B SaaS

Insurance companies are striving for new ways to enhance their policies and processes. In everything from fraud detection to underwriting, claims handling and sales support, we see the potential for intelligent SaaS algorithms to give insurance companies an edge in keeping up with the pace of digitalization. SaaS solutions will help them to streamline their operations and reduce their administrative hassle.


Risks are priced based on a customer group that the specific customer happens to fall into — not on the specific customer himself. Too often, the first assessment is proven wrong and it is especially costly and frustrating when large risks are involved. Telematics will lead the way to personalized insurance contracts, where risks are written based on the actual behaviour of the customer. Pay-as-you-live models might have gotten off to a bad start in Germany, as privacy regulations are an important issue to be solved — yet the overall potential of personalized insurance is undeniable. Nevertheless, customer-centricity has to be at the heart of each startup tackling the market.

New insurance companies

The king of them all. A new carrier free from legacy policies and systems can truly create a new kind of insurance. The insurance gold which is yet to be mined is customer data — by truly understanding the customer, finding out his or her specific characteristics and degree of risk aversion, modern policies can be written that exactly suit the customer’s needs. The rise of modern, digital-at-heart direct insurance policies is to be expected, as this is the most holistic model to reinvent better insurance for everyone.

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