The world of online insurance is revolutionizing

There have been a lot of moves in the online insurance sales sector these days. In recent months, a new type of pure player distributor has emerged in the insurance market.

This phenomenon can be explained in several ways. First of all, the world of FinTech and InsurTech has a very strong momentum, relayed by the entire ecosystem and public institutions. This situation leads to increased investment and stronger communication about these new entrants. Since then, much work has been done to improve the efficiency of online sales passes. Insurance tends to be simpler, faster, and must be followed by constantly pursuing depth of service.

Today, insurers are far more advanced than simple quotes and subscriptions. Today, customer experiences often include after-operations and complaint reports. With a smartphone in hand, everyone wants to sign and manage insurance policies 24 hours a day, 7 days a week, anytime, anywhere. Finally, the Internet is opening the door to selling more complex products. Until recently, distributors were limited to car insurance or home insurance, but now they offer credit insurance as well as health or vocational annuity (TNS). At the same time, niche markets are emerging, with offers for car entrepreneurs, small businesses, and very small businesses. All of this is a direct result of the ongoing technological revolution and is just the beginning. The next innovation is about data. How can you get the most out of your prospects’ data and send them the best offers?

The “necessities” of this new generation of online insurance companies

New players in BtoC insurance on the Internet generally state the same requirements. They want to control the customer experience from start to finish and control technology development in specific ways. From the beginning, companies have been able to predict since they set up open architectures and application programming interfaces (APIs) that can be plugged into any information system. In general, they accompany new partners in page development and derive the functionality needed to optimize web services from the API. Therefore, reliability is essential when using complex tools completely autonomously, both in terms of innovation and insurance products. Today, the added value of insurer startups is demonstrated in their customer relationship knowledge, thanks to their mastery of data analysis for complex underwriting and billing situations. To take advantage of this outsourcing and task specialization, insurers need to easily integrate their services, test them first, and then have a system in place that can be adopted if the trial is successful.

Stay on top of the times and become part of this revolution

Going forward, insurance companies are building strategic partnerships with other FinTechs that focus on their expertise and the services they provide. In order for progress in the last few months to go in the right direction, we need to materialize progress and double our efforts to launch new trends … moving from a simple announcement effect to a true operational state and increasing. There is also a desire to enhance the technological development of insurers and the digitization of services, as well as from customers who need to meet the demands they make. The next step is to apply this dynamics to the entire distribution ecosystem to make it truly effective.