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Insurtech Business Models

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The insurance industry is one of the oldest financial businesses that continue to grow to date. It is considered to be an almost 300-year-old industry made up of companies and firms that work on distributing risk.

The concept is very simple, one party takes the risk and gives assurance of payment for an uncertain future event. Though the world has advanced rapidly because of the technological revolution, it seems that the revolution didn’t have much influence in the insurance industry, until the emergence of InsurTech.

The insurance providers are sometimes criticized for not taking the actual risk to provide people the best customer service, but to maximize their profit. However, the revolution came into existence when InsurTeh began to flourish and challenged the old model of insurance business. Instead of just maximizing the profit, InsurTech focused on providing the best customer experience to the consumers with the help of technology.

The continuously developing innovative ideas played a great part in InsurTech becoming a game-changer in the insurance industry. The inclusion of automation and customized pricing attracted consumers to the market.

InsurTech startups continued to bring new unique ideas, hence motivating the purchase of the policies at a very low price and having the best customer experience.

Instead of relying on the old business model, InsurTech introduced several business models, each serving a specific purpose.

The inclusion of every class of people helped it to grow fast enough that investors started to see the future of insurance in InsurTech. They started investing money and resources in the company, which made it possible to become a billion-dollar industry in just a few years.

InsurTech takes care of both sides, the insurer and the insured. With the continuous development of the InsurTech trend, the industry is expected to flourish around the globe.

In this super guide, I will have a deeper look into InsurTech, how it emerged, the way it works, what are the factors working behind its growth, the business models, and recent trends of InsurTech. Let's dive into the discussion!

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