2018 was a busy and exciting year in the life insurance industry. The new “insurtech” subcategory has helped push insurance forward, at least technologically speaking. The updates that took place last year have paved the way for easier access to life insurance, and even simpler forms of insurance. It is not the easiest task in the world, but fortunately there are a few insurtech startups that are working towards further modernization so we can finally put an end to the outdated, paper-based process.
Life insurance was never the lightest topic to discuss, or the easiest thing to sell. The idea of it is inherently morbid, provides no immediate reward, and often requires copious amounts of paperwork. All in all, it’s not the first thing on anyone’s mind, although it is a very important topic to have covered in advance. The fact that there is no guided, paperless system available in 2019 doesn’t make life insurance any easier to tackle. This is where startups can shine.
Going into 2019, keep an eye on the innovations emerging from the new insurtech industry. Some of the more exciting startups include Celo, which looks to provide app-based insurance to provide cheaper quotes and faster claim times. Panzly is another example, except they specialize in flight cancellation insurance while applying automatic and immediate payouts.
