InsurTech Trends and Eco-System

February 16, 2021

Insurtech, i.e., insurance technology, refers to technology constructed to improve customer satisfaction, efficiency, and insurer’s streamline processes. Insurance companies use big data, AI, and mobile applications to transform their operating methods and customer engagement.

It was starting in the 2010s, creating the first P2P community in Berlin operating in the insurance sector. As demand for technology and the opportunities in the market shifted visually, insurance has been a tool that was a complicated process.

For the last two years, Hackquarters tailored few programs in Insurtech, aiming to impact the insurance sector, providing access to domain expertise and market credibility. One of the outstanding programs that Hackquarters implemented was Hackzone Open Insurance Program, in partnership with Allianz Turkey. This program aimed to allow startups to create innovative ideas in the insurance industry, discover innovative business models, and develop new customer experiences.

Travel: Insurtech covers issues that clients might encounter in their travels experience providing medical treatment services and various services.

Fund Management: Fund management is a process in which a company acts as an advisory resort and controls the financial assets. Hence, fund management insurance is coverage against various downturns in the market due to volatility and returns.

Vehicle: Vehicle covers insurance for cars, motorcycles, and other road vehicles that ensures financial protection against any physical damage or injuries due to traffic incidents. Vehicle insurance also provides an exemption from potential liabilities that would occur at the moment of collision.

Customer Acquisition: This term refers to encountering new consumers or clients. Since customer acquisition is an essential feature of customer prospects and inquiries, which is a product of marketing strategies, the cost of progress is an important measure.

To learn more about #insurtech startups and sectors affecting insurance, please check out our Insurance Startups Map. If you couldn’t find yourself considering your product applicable for this sector, please reach us at hilal@hackquarters.co.



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