The view that insurance is a staid sector that requires tonnes of underwriting wisdom and little more
besides, could be deemed as antiquated and somewhat short-sighted.
Recent years have seen modern digital technology transform the insurance industry, creating a
client-first focus, centred on a user experience, designed to be instant, frictionless and mobile.
We’ve seen insurance premiums becoming highly personalised, thanks to tech-enabled insight on
customers and their individual risk. We’re witnessing a rise in smart claims handling, whereby claim
processes are automated as a means of reducing handling and cycle time to improve customer
So prevalent are the changes made by technology within the field of insurance, that a new term has
been coined to describe the technology and insurance collaboration – InsurTech.
While disruptions are being made to bring the insurance sector ‘up to speed’ with the digital-
embossed, automated world of the 21 st century, insurance is a traditionally cautious and heavily
In short, is the digital transformation of the industry really needed, or is InsurTech merely disrupting
insurance for disruption sake?
Today’s consumers expect instant, mobile and frictionless transactions and services that can be
carried out while they are on the go. Subsequently, all sectors and businesses need to be on the
pulse of emerging trends to avoid disappointing their customers and falling behind the competition.
The insurance sector is no different. With policyholders having higher expectations and insurers
under pressure to keep costs low through automation and speed up delivery of coverage, InsurTech
is not merely disrupting the industry, it is revolutionising it.
That said, old-fashioned, deep-rooted underwriting knowledge will also be required in this rapidly-
For insurance services to be successful and remain competitive in the changing world we live in, it
needs to mix the old with the new, combining both underwriting wisdom while putting technology
at the forefront.
This is where Instant Underwriting can step in and prove invaluable for brokers. Being a tech-focused
Managing General Agent (MGA) and Lloyd’s of London Coverholder, we provide high levels of user
experience combined with our underwriting wisdom to deliver agents instant experiences across all
Get in touch with Instant Underwriting today for more information how we can help you better
serve your customer through combining old and new insurance trends.