The insurance industry has been notoriously slow to adapt to the modern era. Many of the same behemoths of insurance that have operated for over a century have been far too slow to adopt digital transformation. As such, new niches and opportunities have arisen for agile insurance start-ups or “insurtechs”. And customers are already reaping the benefits.
A New Form of Insurance
Unbound from the bureaucracy and outdated workflows of the incumbents, these new insurance providers can not only create and offer insurance products faster, but they can provide much cheaper, personalized coverage. Ranging from freelancer insurance to pet insurance and everything in between, these new providers can directly offer customers bespoke quotes that household-name insurers cannot match.
Where traditional insurers would create sweeping payment brackets for different demographics, new insurers can offer truly individualized quotes. Arguably the most promising sector for these new providers and their customers is car-insurance.