With growing inflation, particularly in the services sector, and the possibility of a downturn, operational efficiency beyond digitization would emerge as a greater focus for InsurTech.
During the calendar year 2021, InsurTechs received about USD 10 billion in investments through 300 deals.
Here are some of the few business models suggested.
Insurtechs That Are Capable Of Facilitating Both Inclusiveness And Operational Efficiency
With rising wage inflation, now is the moment to increase operational efficiency in order to reduce particular individual-driven reliance and remove manual and duplicate operations.
Further value chain unitization is possible with the modernisation of core platforms, API-fication by the insurers.
Insurtechs Truly Combined Insurance and Technology
Finding the correct data for premium pricing, real-time risk monitoring, and dynamic pricing necessitates extensive actuarial understanding.
Claims adjudication by combining geolocation data, video analytics, and behavioural data would necessitate advanced technology, big-data expertise, and insurance knowledge.
InsurTechs with Insurance SaaS Products
InsurTechs offering Insurance SaaS solutions would see rapid growth, with APAC-focused products seeing even faster growth.
To enter this expanding market, mandatory insurance coverage or simplified universal insurance with localized data residence would need to be explored.