What strategy should large insurance companies adopt in the face of the insurtech boom?

Posted by media on July 26, 2016 at 9:00 AM

It seems that nothing can halt the digital transformation currently taking place in all sectors, driven primarily by companies who have dared to question the status quo while taking advantage of new technologies to create easy-to-use digital solutions perfectly adapted to consumer needs.

Although disruption in the insurance sector has hit somewhat later than in other industries, the changes ushered in by insurtech companies are well underway and progressing rapidly. Every day, new companies are bidding for a share of the insurance pie - a market that back in 2014 was valued at an estimated 3.8 trillion, according to McKinsey.

Faced with this avalanche of new digital competitors, what strategy should large insurance companies adopt in order to enjoy the benefits and mitigate the risks posed by insurtech?

This post is also available in Spanish.

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Topics: Insurance

Key benefits of advanced eSignatures for insurance brokers

Posted by media on July 19, 2016 at 9:00 AM

Despite living in times of such fundamental change, the main role of insurance mediators - besides being expert advisors - is essentially a commercial one. Insurance brokerages facilitate relations between insurance companies and customers, thanks in great part to their highly personalized customer service.

Therefore, the biggest factor for having successful relations with policyholders runners is trust. The mediator is the person who explains, interprets and advises clients on the specific options that best suit their needs. Today, the most pressing need is for brokers to forge relationships of trust with their customers in a digital environment - and this in itself naturally creates its fair share of challenges.

On this subject, it is important for brokerages to make advanced electronic signatures available to their customers. Why?

This post is also available in Spanish.

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Topics: Insurance

What is a robo-advisor and how will it transform the insurance industry?

Posted by media on July 12, 2016 at 9:00 AM

According to CommerzVentures - the venture capital fund of the German group Commerzbank - the insurance sector has  received 12 times less funding between 2008 and 2015 than the financial sector, taking into account the insurance sector’s size based on 2014 figures.

This suggests there are still many opportunities left to exploit in the insurance sector, for both startups and well-established insurers who have spent years strengthening their profile in the market.

Robo-advisors are a tech innovation with great potential to occupy a large share of this growing and unchartered territory in the insurance sector. But how will they fit into the industry?

This post is also available in Spanish.

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Topics: Insurance

The Insurtech companies that are reshaping the map of the insurance sector in Spain

Posted by media on July 5, 2016 at 9:00 AM

Last May, the Spanish Association of Fintech & Insurtech published the first map of insurtech companies in Spain, organized in four different categories: distribution, insurance infrastructure, P2P insurance, new products and customer support.

This order corresponds with some of the major links in the value chain of an insurance company, of which the abilities of insurtech companies to change the sector have become very evident. Those traditional insurance companies that do not digitize their entire value chain, either through their own development or by establishing partnerships with insurtech companies, will soon fade into the background as this new order is being built now in the insurance industry.  

In total, the map of Spain´s insurtech includes 28 companies, among which Signaturit appears within the insurance infrastructure category. What do the companies on this first Spanish insurtech ecosystem map have to offer?

This post is also available in Spanish.

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Topics: Insurance

Signaturit at the Global Summit for Insurance Innovation 2016

Posted by Salvador Severich on June 30, 2016 at 9:00 AM

On Tuesday June 21 we were invited to attend the Global Summit for Insurance Innovation, organized by INESE. In this second edition, which took place in Hotel Eurostars Madrid Towers, the main goal was to discuss the latest trends in the insurance industry and share experiences and best practices with professionals in the sector.

How can insurance companies drive innovation?

This post is also available in Spanish.

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Topics: Insurance, Events