Traditional Insurers vs. InsureTech – What’s Your Strategy?

90% of insurers fear they will lose business to INSURETECH startups.*

(Source: Opportunities Await – How InsureTech is reshaping insurance, PWC Global June 2018)

What’s the focus of InsureTechs?

  1. Interchanging new technologies.
  2. Revolutionizing the customer experience.
  3. Creating new opportunities to simplify and broaden the distribution process.

So how can you navigate the InsureTech world?

Creating a technology-rich ecosystem is critical to completing in an InsureTech world.

Creating a technology-rich ecosystem means:

  1. Leveraging a system that is designed to handle complex insurance transactions.
  2. Stay current with product enhancements through upgrades, taking advantage of emerging technologies like machine learning, chatbots, AI etc.
  3. Leverage APIs to integrate with emerging InsureTech solutions, as the market dictates.

Evolve your customer experience:

  1. Implement a solution that is already customer focused.
  2. Go deeper with analytics.
  3. Develop an omni-channel mindset to be able to speak in one consistent voice.

Extent distribution and respond to evolving marketing opportunities:

  1. Create new opportunities for direct to consumer sales and service.
  2. Leverage portals to individualize the customer experience.
  3. Capitalize on competitive market advantages with new product entries, for speed-to-market.

With OneShield, you are well positioned to market changes and ever-evolving customer expectations.

OneShield allows you to think differently about technology:

  1. Create a technology rich ecosystem with ease. Deploy a solution that has limitless integrations with 3rd party technologies via APIs.
  2. Take advantage of adaptive and responsive customer experience capabilities. Adopt a customer centric solution that can evolve and change the ways you service and when you service, to deliver the ultimate customer experience.
  3. Extend your distribution capabilities for a competitive advantage. Expand in emerging markets with new products via any sales channel.

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