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InsurTech Trends – How well fidentiaX and ISLEY are aligned?
Thank you for the overwhelming response to the recent articles and reaching out to us with your queries over email and through Twitter. This week, we thought of taking a break from the “technical” stuff! In this article, I intend to share InsurTech trends and how well ISLEY and fidentiaX are aligned? Essentially, the attempt is to answer the question, “are we going in the right direction?”
Before we go on to answer the big question, I believe it is crucial to set-up the context and answer a few basic questions!
What is an InsurTech?
It is a portmanteau of “insurance” and “technology” and is inspired by the more popular term, FinTech. Technically speaking, InsurTechs are technology innovations designed to squeeze out savings and efficiency from the current industry model.
Clearly, fidentiaX fits in perfectly in the definition. Both the tradable insurance platform and ISLEY are innovative solutions, add to the savings and make life easier of policyholders and other stakeholders involved!
Are InsurTechs for real?
Well, let the numbers answer this question. Over $10 bn has been invested in the last few years. This is neatly captured in the graph below
And more importantly, several (re)insurers, who know and understand the insurance business, are investing in InsurTechs and have invested in 100s of InsurTechs.
Clearly, InsurTechs are for real and amongst the trending topics in the insurance world. Coincidentally, there is a trend to the trending topic, which we discuss in the following section
What are the recent trends in the InsurTech world?
There are many pieces of research focusing on the recent trends in the InsurTech and all of them have similar themes. In this article, we touch upon one of more recent findings by EY Global. The research identifies five key trends and we are excited to share that both fidentiaX and ISLEY – our upcoming Policy Ledger are on the right track and aligned with the trend. While these trends are meant to define the future of insurance, we had the foresight to envisage these solutions ahead of the time.
Apart from many things the trend suggests that Blockchain would play a pivotal role in disrupting the insurance world and it is crucial to have a digital channel of communication which is customer-centric. While everything we do at fidentiaX including ISLEY is Blockchain powered, the ISLEY app is designed keeping the customer at the heart and is intended to make the interaction with customers more frequent and of course simple! To answer the original question, “yes! We are going in the right direction!”
I hope you found this quick briefing on InsurTech world informative and enjoyed reading it. Signing off now and looking forward to interacting with you during the upcoming #AskTheActuary session on 25-March at 8 PM Singapore Time!
Disclaimer: The article has been written with an aim to broadly explain an otherwise complicated and technical topic for readers with little or no insurance background. Hence, it doesn’t have finer details but is still broadly correct. The readers are recommended to take advise from their respective financial advisers before taking any financial decision.
About the writer: Mr Sumit Ramani is the Chief Actuary of fidentiaX. He is a qualified Life actuary and a computer science engineer with over a decade of experience in (re)insurance business with a focus on modelling of life and health products, peer review and business analysis.