Your agency identifies a problem and chooses to explore insurtech solutions as potential options to fix it. Identifying tech based solutions can be extremely helpful! But if your company doesn’t understand all the different types of insurtechs, you may find it difficult to choose one that actually solves your unique problem in the most efficient way.
Let’s say you’re about to go for a run, but you realize you don’t have any shoes on. So you go to your closet and pick out a pair of flip flops. They would certainly solve your problem of needing a pair of shoes, right? So, why don’t more people wear flip flops while running?
Well, choosing the right type of insurtech for your agency is just like choosing the right pair of shoes; all insurtechs will meet a similar goal (in this case, bringing more technology and efficiency to your agency), but depending on which one you choose, it may not produce the greatest results for your specific need.
So, what are the different types of insurtech?
There are a variety of insurtechs available in the market today; each one trying to create solutions in each facet of insurance that results in a better return on investment (ROI).
Types of insurtech vary from efficiency solutions for quoting, payment solutions, appetite solutions, data solutions, and claims solutions.
Before you can even begin to search for which type of insurtech is right for you, you have to figure out where your company’s pain points are. To learn more about finding the right insurtech for your agency, check out our other blog post.
First, let’s take a look at some niche insurtechs:
This type of solution can find the exact product an agent or broker is looking for across a variety of different carriers for a particular customer. This helps save more time and energy for agents and brokers. It can also allow carriers to see different possibilities or opportunities that they may be interested in writing.
The insurance industry is heavily data-driven. This reliance on data led to the creation of these data solutions. These solutions work to connect multiple systems so that their users can have more actionable data.
The payment process in insurance is an important area, and an area in great need of automation. These solutions will digitize your payment system and allow for customers to pay effortlessly by just a click of a button. With no hassle involved, you and your customers will be happier with the process
A quoting solution is one that assists independent agents in obtaining multiple insurance quotes more efficiently. Instead of having to fill out various forms for each carrier and wait days to get a quote back, an agent can type all of the information into a platform and receive the quotes in minutes.
As you can see, there is no one size fits all solution; just like there’s no one shoe for every occasion. Each insurtech provides a solution to a different insurance silo. Depending on which one your problem falls under will dictate which partner, or partners, would be best for your company.