What does Insurtech mean?

Cath Sandoval
Copywritter

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The accelerated growth of new technologies under the eaves of traditional businesses has been generating acronyms that end in “Tech”, Ex. Health technology businesses are called HealthTech, financial technology businesses are called FinTech, this is how the technology businesses of The insurance industry is called Insurtech. Many times the Insurtech being a relatively new segment are protected under the umbrella called Fintech.

In this regard at the DIA Amsterdam 2019 event, Mckinsey launched 3 mega-trends, where the third one points directly to the aforementioned paragraph, the call for collaboration between traditional insurance companies and technology companies with specific work within the chain of value of insurers. Ref. Megetrends.

Today the Insurtech are growing by leaps and bounds especially because of the advantages they generate to the business or insurance company that adopts them, in this regard at LISA Insurtech we see a general dismantling of the insurance value chain. As this happens, new partnerships and collaborations should be formed to meet the best needs of customers. An example of this is the association between insurtechs and traditional players. Many Insurtech’s are focusing on specific functions throughout the value chain and are achieving higher profitability levels for these specific functions, which makes them active collaborative partners.

In the case of LISA, Insurtech has specialized since its inception in the automated management of claims, reducing 80% of the settlement time and saving 60% of the handling cost. You want to know how, contact us!

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