The Age of Insurtech for Insurance Brokers
Today’s world has been redefined by technology. Even when you look at a traditionally slow-moving industry like insurance, the pandemic and new enhancements in data have changed the “if it ain’t broke, don’t fix it” mentality to allow for more innovation and efficiencies. Insurance brokers are always working towards new ways to help improve their clients’ benefits strategy, and recent insurtech advancements continue to make that possible.
Adapting to change
For some, the change wasn’t easy. Traditional in-person meetings and one-on-one time quickly transitioned to zoom. Paper enrollments and contracts were forced electronic. Even the role of a traditional insurance broker started to evolve into more of a consultant – encompassing more strategizing and staying up to date with the newest tools. Some had to adapt quicker than they’d wanted, but the investment in insurtech ultimately brings efficiencies to both the insurance agent and client.
Types of Insurtech solutions
From video conferencing and payroll integrated benefits platforms to quoting and payment solutions, there are plenty of insurtech tools to help brokers and clients operate more efficiently. Recently, alternative data and intelligence tools have come to the forefront of insurtech.
Wearables are a great example of this type of technology. Employees can incorporate wearables into their lifestyle through watches or accessories. Information like physical activity and heart rate are collected through these accessories and then reported back to the insurance company or employer to better interact with individual employees.
There has also been a rise in artificial intelligence solutions. AI solutions interact with employees and tailor messaging based on relevancy. Employees can provide information on their age, lifestyle, expected health spending, and be guided through benefits and wellness initiatives that make the most sense for them and their families.
Despite the type of tool, there are many reasons that insurance brokers should prioritize and lead the insurtech transformation for their clients.
Benefits of Insurtech
No individual is the same. Different interests, lifestyles, and habits impact how each person engages with their benefits and overall health—incorporating technologies that take individuals’ behaviors into account when underwriting and educating provides more accurate results. The more you know about an individual – the better the outcome. It’s no surprise that in addition to improved results, incorporating insurtech tools can do wonders for efficiencies – saving time and money in the long run.
Verikai’s role in Insurtech
Ranked #3 in Forbes’ 2022 Innovative Tech Leaders article, Verikai continues to work toward being the most predictive risk tool in the insurance industry. Verikai leverages alternative data and machine learning to provide underwriters with a better understanding of a group’s risk down to an individual level. With over 1.3 trillion data points, Verikai is providing more insight to insurers by understanding individuals’ health and behaviors – and an ultimately better understanding of their clinical outlook.
How is Verikai working with insurance brokers?
Verikai has validated a panel of carriers and MGUs willing to provide competitive rates based on Verikai scoring alone. Through the Marketplace, brokers and consultants can upload a census file and be matched with Verikai-approved underwriters willing to write the group. Within seconds, once a group is determined quotable, brokers can continue conversations with the underwriters to eventually receive competitive offers.
The Marketplace offers a new way to connect brokers and risk writers outside of their networks and gives brokers a new way to bind stop-loss proposals for traditionally “high risk” groups that might not have claims data.
With Insurtech continuing to thrive, I am excited to see what the future holds. It’s important to stay curious and learn about the innovative new technologies entering the insurance space. Not every solution will be perfect for all, but the right ones will greatly impact efficiency and profitability for both brokers and their clients.