InsurTECH, the new way of doing Insurance
Insurance Market towards Technology
Industries are constantly updating, and nowadays, there is a need to move to digital and integrate High-Tech solutions. The Insurance industry is no different; in a heavily saturated and competitive market, it is essential to stay ahead of competitors.
It has become a priority to adapt business strategies and to deliver customer-centric Insurance solutions. Therefore, it is fundamental for insurance services to be improved, updated, simplified, customized and made remotely accessible.
Technology helps Insurance companies improve customer satisfaction and user experience through omnichannel solutions. Utilizing this approach means services are accessible from any device. For example, customers can start looking at a policy from their laptop, continue the journey by signing up while on the move using a smartphone and carry out the transaction directly from their tablet.
What is InsurTech?
The neologism InsurTech identifies everything that is technology-driven innovation in the insurance industry, encompassing categories such as software, APPs, platforms, products, services, new business models. InsurTech is increasingly establishing itself in the digital world, especially this past year affected by Covid-19, where technology has become a decisive element for the continuity of insurance activities.
InsurTech, from a qualitative point of view, improves business models, increases operational efficiency, and from a practical perspective, optimizes company resources (expenses, use of paper, labour, and time) and streamlines bureaucratic insurance procedures.
For insurance companies, integrating technology into their services is not just providing customers with a product through a digital and modern approach. Other aspects and activities are involved. Each customers’ profile, folder and data can be digitized and archived through a paperless process. Customers and staff can access an online service through a Digital Identity that verifies the person’s reliability and guarantees security and the protection of the customer’s data.
InsurTech brings advantages for both Insurance Companies and their Customers:
- Business process automation
- Resource optimization
- Digitalization of Archive, Customer practises and data (Paperless process)
- Fraud Prevention through Digital Signature & Digital Identity, which lower fake insurance account activation
- Fast, Intuitive and Streamlined Services
- Billing System integration to accept various forms of payment
- Increase User Experience through digital & interactive procedures
- Cooperate with partner networks to provide customers with premium benefits, or discounts to other external services
- Customized and flexible Insurance Policies
- Insurance Service remotely available
- Insurance Services Accessibility from any device (PC, Tablet, Smartphone)
- Data protection through secure Authentication
- Lower Insurance rates and commission fees
- Automation of notification systems to remind customers of deadlines
How Euronovate can support Insurance with InsurTech solutions
At Euronovate, we develop and manufacture tools to serve the Insurance Industry in its digital change, providing them with InsurTech solutions to improve efficiency, quality of processes and guarantee a high-performance of Insurance Services.
Our InsurTech solutions include:
- Paperless Process to fully digitize your Insurance practices, administration procedures, digital archiving.
- tapID, the Customer Onboarding platform to manage customers’ data easily, remotely, enlist AML5 checking and verify their Digital Identity through Biometric Authentication.
- Software Integration of Digital signature software or tablets to existing business architecture with an End-To-End approach, we supply you with the whole service lifecycle (Design, Installation and Assistance).
- ENSoft, the Digital Signature software, enables you to collect your customers’ biometric signatures and manage the whole signature process.
- ENSign11, the signature pad with touch capabilities, allows your customer to sign insurance practices or documents digitally.
- ENSurvey, the server through which you can collect customer feedback or satisfaction with your insurance services for marketing purposes.