Is This The End Of The Insurance Agent?


Similar to how FinTech reshaped financial services in 2015, it is now InsurTech’s turn to switch up the elements of the insurance industry.

Using new technology advancements such as cloud computing, smartphone hardware and apps, InsurTech is set to transform old processes and enable new ways for customers to obtain and remain insured, while allowing insurers to connect digitally with customers.

In the past year alone, this growing segment has increased three-fold – from US$800 million in 2014 to more than US$2.6 billion in 2015.

The upward trajectory has continued into 2016, during which the first quarter has witnessed more than 45 deals worth over $650 million in funding.

The Main Drivers of InsurTech
So, what exactly does InsurTech cover? Contrary to popular beliefs (and misconceptions), InsurTech is more than the mere provision of insurance plans through technology. According to Startup Bootcamp, it comprises of up to seven major components:

  • Data Management
  • Peer-to-Peer Insurance 
  • Real-time Accessible Data
  • Customised Solution
  • Automated Claims Settlement
  • InsurTech – A Guaranteed Risk Free Future?

read more

Comments

Post a Comment

Popular posts from this blog

SG Alliance: Making Your Insurance Nomination

Image
One SGA App SG Alliance is pleased to introduce One SGA App, a new by invitation only membership platform, offering fantastic medical, financial services and Wellness benefits for you, your family and friends. Sign up here: https://jointo.access-my.app//home?tenantCode=SGA&referralCode=A002683 Please do not worry. This is not an online Scam. Download the authentic app & sign up using your email & password. No other personal details, bank account & credit cards are required. For further information, please feel free to give me a call at SG Alliance. Thank you. Assure Your Loved Ones with a Well-made Insurance Nomination Assure your Love Ones with a well-made insurance nomination We buy insurance for the peace of mind that our lives will not be financially upended by any unforeseeable event. Insurance further assures us that our dependants are well looked after, should anything disrupt our ability to continue providing for them financially. A part of everybody’s financial
Read more

AIA Complete Critical Illness Cover‏

Image
Dear friends, How much do you know about Critical Illness? And why is it so important that we need adequate coverage?  Here are some alarming facts and figures: 1.    There are 30 Critical Illnesses, with Cancer and Heart Diseases topping the list 2.    Every day in Singapore, 28 people are diagnosed with cancer* 3.    1 in 4 men and 1 in 5 women will contract one of the Critical Illness before age 65 ^ 4.    1 in 9 women will develop Breast Cancer and 1 in 2 men a risk of Cancer by 2022 ^ 5.    Critical Illness hits young and old alike and an increasing number of younger people succumb to cancer these days 6.    With the advances in medical science, many survive a critical illness - but could face financial difficulties. One inevitably will be without a job when contracted with an illness and will be living off savings during the recuperation period. Upon recovery, getting back to the workforce may be a challenge as well ‘It will not happen to me’ seems the commo
Read more

Realisations of a Financial Adviser

Image
Limited resources, unlimited needs All of us have plenty of financial needs. Insurance for protection, investments for our retirement & kid’s education, paying our mortgages, car loans and so on. But our resources are limited. If you are a male aged 35 and need to provide your family with a monthly income of $3,000 for 20 years in the event of your unfortunate demise, you will need about 600,000 cover. If you intend to retire at age 55, Table 1 shows the comparison for the various types of plans. The truth is, how many can afford paying more than $6,000 or $10,000 per year, just to cover his individual death needs? In the above example, we haven’t even considered his medical, his spouse, and his children insurance needs yet. We can discuss all the merits of whole life with cash values and so on, but if we cannot even fully cover our needs,  what’s the point? TABLE 1: Types of insurance plans *This is a packaged plan by one of the insurers. About temporary and permanent
Read more