Over the last decade, technological advancements have helped the insurance industry become more customer-centric and cost-efficient while opening newer revenue streams and driving operational excellence. With emerging insurtech solutions, insurance firms are able to process internal and external data sets at high speeds, enabling the extraction of critical insights that can boost the development of sustainable and robust business models. However, to ensure that the newly adopted insurtech offerings deliver the expected benefits, companies must plan to make the necessary operational changes to make smart, well-informed, and fact-based decisions.
Today, intuitive insurtech vendors are leveraging innovative technologies such as AI, ML, Big Data analytics, and blockchain, among others, to assist insurance companies in boosting the efficiencies across various facets of their operations. A prime example of how insurtech has revolutionized insurance processes is the use of AI and ML in helping payers gain an in-depth understanding of their premiums, thereby eliminating instances of over-payment. Additionally, with blockchain-powered offerings, insurance organisations can better protect their data from the increasing threat of cybercriminals and data breaches.
Though the market is brimming with insurtech companies, finding the right one is an arduous task. This edition of Insurance CIO Outlook has assessed and shortlisted some of the most prominent organisations in the industry that solve challenges by implementing the current technologies trends in the space. Through this special edition, we present to you Insurance CIO Outlook’s ‘Top 10 Insurtech Companies in Europe - 2020.'
