Insurtech is reformatting the insurance industry by changing the way individuals receive customer service, make policy management easier and upstart a little competition, according to a recent report. With 74 percent of respondents finding innovations like Fintech (financial technology) a challenge for their industry, according to PwC, another 43 percent say that they have Fintech at the core of their strategy. Insurance technology is like a new brand that stands to make the insurance industry a lot of money. In 2016, this particular industry raised $1.7 billion across 173 different deals, according to a 2016 CB Insights study.
If you’re not sure about whether insurance technology matters to your company, check out this blog below. This is how insurtech helps small businesses.
For 28 million small business owners, things used to be very difficult when it came down to small commercial insurance.
Now that insurtech is in the picture, things have been revamped to a whole new level. Because of this jump in technology, small business owners now have access to:
Insurtech is revolutionizing the way that small business owners look at their insurance policies. The industry is expanding and isn’t going to go away anytime soon.
At Axis Insurance Services, we aim to help our customers identify their exposures and protect themselves. Founded in 1999, we offer insurance programs to a wide variety of professionals and industries including attorneys, real estate, healthcare, architects, and more, and also have a wholesale division. We pride ourselves on offering flexible insurance coverage tailored specifically to each customer’s needs. To learn more about our solutions, contact us at (201) 847-9175 to speak with one of our professionals.