INSURTECH

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Hello there!


First of all, Happy New Month! Welcome to February, the best month of the year! A little secret; this is my birth month, lol.

I hope January was good to you. I hope you’ve been smashing your goals this year. 


Today we will be talking about something very interesting. I will be giving a brief overview of InsurTech.

You’re probably wondering what it is about, or not. Either way, I will be talking about the industry and where it is headed.


First of all, what is InsurTech? Let’s hear what google has to say; 

Insurtech, short for Insurance Technology, is the use of innovative technologies to improve business processes in the insurance industry. From property and casualty to life and health insurance, insurers of all types are implementing these technologies to better meet customer demand and improve efficiency.


Cool right?


Insurtechs are tech-driven insurance companies that use new technologies to provide coverage and in the long run, reinvent business systems in this digital era. 


In 2021, funding in Insurtech surpassed $14 billion. Overall, the Insurtech market is predicted to grow at a CAGR (Compound Annual Growth Rate) of 10.8% from 2019 to 2025, reaching $10.14 billion in revenue by 2025. In a nutshell, it is a very lucrative industry and it is fast growing. 


Insurtech companies have disrupted the insurance industry, by leveraging artificial intelligence and data science, to offer an improved user experience at more affordable prices. Insurtech firms have taken advantage of emerging opportunities, by rolling out new products and technologies as often as possible. 


The major growth for Insurtechs started from P&C; Policy and Claims, but now we see other activities across all lines of business and along the entire value chain. Insurtech companies are making insurance processes very easy and seamless. 


The fastest growing Insurtech industries are in Europe and America, especially Europe with companies like Zego, Marshmallow and the lies taking the lead and changing the game. 


Here are a few InsurTech companies in Nigeria;

  • Gamp Technology, Inc; InsurTech for Consumer Electronics in Africa: offers instant insurance and fast pick and repair delivery for registered gadget owners.
  • Daabo Device Insurance: provides device security, protection and insurance for businesses and individuals across Africa.
  • Insurpass: Helping Insurers unlock new distribution channels through embedded insurance API.
  • ETAP: auto insurance that offers instant claims, payout, and monthly and weekly subscriptions.


These are just a few, there are a lot more out there and they are fast growing. 


Do I believe Insurtech is here is change the game of insurance? Yes, I do and I am very very optimistic about this. 


Am I right? Well… we will see. 

P.S: I’m always right, lol. 


Till the next post.

Franny.

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