Whilst startups focused on enhancing the customer experience are plentiful, fewer entrepreneurs have put their minds towards solving another specific pain point in the insurance value chain: underwriting.
Technology holds the key to the shifting sands of market dynamics in the industry. We are surrounded by a combination of market forces that are moving customer expectations. There is a greater number of millennials joining the workforce, customers’ preferences and expectations are being reshaped and sharpened by providers such as Facebook, Amazon, Alibaba and Seamless. Even our transportation is becoming on-demand with providers such as Uber and Lyft. Money is being increasingly digitalized. In such a stimulating and progressive environment going through a great amount of flux, the nature of risk assessment and selection must address not only internal requirements, but those of the insured and the agent.