Insurtech is an emerging trend that aims to improve the efficiency of the insurance sector through technological innovation. These advances are transforming the creation, distribution and administration of insurance products to meet the changing needs of customers and insurers.
In this article, we will explore the essential role of Insurtech and Assurtech in the transformation of insurance, the benefits they bring to industry players and provide an overview of the key players, including Seyna, who are redefining the future of insurance.
Understanding Insurtech and Assurtech
What are Insurtech and Assurtech?
Insurtech and Assurtech are terms that result from the fusion of "insurance" and "technology". They refer to startups and innovative companies that use technological advances to transform the way insurance products are designed, distributed and consumed. Their aim is to improve the customer experience, optimize insurers' internal processes or offer products that are ever more personalized and tailored to the needs of each individual or company.
The difference between Insurtech and Assurtech
Although the terms "Insurtech" and "Assurtech" may sound identical to the general public, some experts make a subtle distinction between the two. Insurtech focuses primarily on improving the technologies used in the insurance industry, while Assurtech places greater emphasis on creating new solutions and disruptive business models. In practice, however, the two terms are generally used interchangeably to refer to companies that use technology to innovate in the insurance sector.
The advantages of Insurtech and Assurtech
In this section, we'll look at three main categories in which these companies have managed to make the most of technology.
Better customer service
Insurtech and Assurtech players place a premium on optimizing the customer experience. Thanks to technology, they offer simpler, faster and more personalized processes for underwriting and managing insurance policies. Customers can now take out insurance online at the click of a button, receive quotes in real time and access their policies via a personalized space, offering an optimal user experience. This is in stark contrast to the traditional view of insurance.
A high-quality user and digital experience
Insurtech and Assurtech are revolutionizing the digital customer experience by introducing simplified, user-friendly processes, from policy underwriting to claims management. Thanks to intuitive platforms and compelling interfaces, policyholders can now easily access information, personalize their policies and carry out hassle-free online transactions. This transition to digital improves accessibility, speeds up response times and offers seamless interaction, providing customers with a smoother, more customer-focused insurance experience.
More personalized insurance products
By harvesting massive data from portfolios and advanced analysis of historical public data, Insurtech and Assurtech are able to better understand the specific needs of each customer. They thus offer tailor-made insurance products, adapted to the profile and risks of each policyholder. This personalization enhances the relevance and value of products for customers, while optimizing the pricing of insurance policies. In addition to benefiting policyholders, it also ensures greater profitability for insurance players (reinsurers, insurers, brokers).
Optimization of internal processes
The introduction of advanced technologies such as artificial intelligence, machine learning or task automation enables insurers to increase the efficiency of their internal processes. Manual and repetitive tasks are automated, freeing up teams to focus on higher value-added tasks, and improving insurance companies' overall productivity.
Technology to enhance the performance of the insurance industry
Key Insurtech technologies include artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), smartphone apps, drones, blockchain technology and advanced business intelligence. These tools enable insurance professionals (companies, mutuals, provident institutions or brokers) to personalize offers, detect fraud risks, simplify payments and streamline the claims process.
Main use cases
Insurtech offers a myriad of use cases that are profoundly transforming the insurance sector. Thanks to technology, insurance companies and brokers can improve their entire value chain. Here is a non-exhaustive list of use cases:
Improved subscription paths
Traditionally, underwriting an insurance policy can be a long and tedious process, requiring a significant amount of data and analysis. Insurtech is transforming this step by automating much of the process, and improving the prospect's experience of the journey. Thanks to real-time data collection, insurance companies can assess risks more quickly and offer policies tailored to the specific needs of each customer.
Portfolio monitoring and optimization
Les Insurtech permettent désormais aux compagnies d'assurance et aux courtiers de mieux gérer leurs portefeuilles en utilisant l'analyse de données et l'IA pour évaluer les performances des polices et identifier les opportunités d'optimisation. Grâce à ces technologies, les assureurs peuvent ajuster leurs offres plus rapidement, améliorer leur rentabilité en étant plus réactifs et répondre aux besoins spécifiques de chaque client de manière plus efficace.
Detecting portfolio risk situations
Insurtech now enables insurance companies and brokers to better manage their portfolios by using data analytics and AI to assess policy performance and identify optimization opportunities. Thanks to these technologies, insurers can adjust their offers more quickly, improve profitability by being more responsive, and meet the specific needs of each customer more effectively.
Optimizing claims management
Claims management is a critical process in insurance, and Insurtech offers innovative solutions to improve this step. Using technology and data analysis, insurance companies can track claims events in real time. This enables faster damage assessment and more efficient claims management, resulting in an improved customer experience.
Regulatory compliance is a major issue for insurance companies and brokers. Insurtech offers solutions to facilitate this process, notably to secure data and guarantee its integrity, while complying with regulatory requirements. What's more, automating compliance processes enables insurance companies to reduce the risk of human error and better comply with current standards.
Customer identity verification (KYC / AML-CFT)
Here again, the Know Your Customer (KYC) and Anti-Money Laundering (AML) process is also essential for compliance. Insurtech offer solutions to automate and simplify this step, using technologies such as biometric verification, document analysis and AI to guarantee customer authenticity and reduce the risk of fraud.
Managing cancellations is a complex and, above all, critical process. Insurtech in this case will offer solutions to automate and accelerate this process. This enables insurance companies and brokers to process cancellation more efficiently, resolve problems quickly and improve the customer experience.
Insurance companies and brokers need to be able to streamline premium and claims payments. In this area, Insurtech offers solutions to streamline this step using secure digital payment technologies. This simplifies the payment process, reduces errors and ensures fast, reliable transactions between insurers and customers.
Fraud detection and risk prevention
There are a number of fraudulent claims, representing a major challenge for insurance companies and brokers in building their insurance products. Insurtech offer solutions to detect and prevent fraud using advanced analytics techniques, including the use of public open data and machine learning. These technologies enable insurers to spot suspicious activity, identify fraudulent patterns and take preventive measures to reduce the risk of fraud.
Overview of the main Insurtech and Assurtech players
Seyna is one of France's leading Insurtech players. As an Assurtech, Seyna offers tailor-made insurance products and SaaS technology dedicated to insurance brokers. The Seyna platform enables brokers to create their insurance products, increase their revenues and optimize their operations. With Seyna, insurance brokers have all the tools they need to create tailor-made insurance products and experiences for their customers, in unrivalled timeframes.
Alan is a French Insurtech positioned as a digital alternative to traditional health insurance. Founded in 2016, Alan offers personalized and transparent health insurance products for businesses and individuals. Thanks to a user experience-driven approach and intuitive online policy management, Alan simplifies and improves health coverage for its policyholders.
Dalma is a French Insurtech reinventing car insurance by using technology to create insurance products tailored to drivers. By analyzing driving behavior using advanced sensors and algorithms, Dalma offers personalized car insurance rates that reward responsible drivers. Founded in 2017, Dalma aims to offer a fairer and more transparent car insurance experience.
Founded in 2016, Qover is a Belgian Insurtech focused on B2B and B2B2C insurance distribution. It offers a flexible and modular insurance platform that enables companies to quickly offer insurance products tailored to their customers. With strong partnerships in the travel, mobility and retail sectors, Qover is transforming the way insurance policies are distributed and consumed.
Akur8 is a French start-up specializing in the use of artificial intelligence to rate insurance policies. Founded in 2018, Akur8 offers a machine learning platform that helps insurers optimize their rates based on actual risks. This technology enables insurance companies to offer fairer, more competitive rates while gaining in operational efficiency.
Shift Technology is a French Insurtech specializing in insurance fraud detection. Founded in 2014, Shift Technology uses artificial intelligence to analyze data and detect fraudulent activity in claims. By helping insurance companies identify and prevent fraud, Shift Technology contributes to reducing financial losses and boosting confidence in the insurance sector.
Insurtech or Assurtech is a revolution that is profoundly transforming the insurance industry through technology. To remain competitive, brokers and insurance companies must invest in new technologies and customize their solutions to meet the individual needs of their customers. With the new players in Insurtech, the future of insurance looks set to be more transparent, accurate and secure for all players in the sector.