Earlier, if someone wanted to have something insured, they would go through their local insurance agent. After the insurance was purchased, the policy owner would periodically receive updates on its cost, coverage, and other relevant information.
Fast-forward 20 years later, new technologies are on the rise, allowing for more transparency into how property tech (insurtech) can help enable such a standard for the industry.
According to reports, the global Insurtech market size was valued at $9,415.28 million in 2020. The following article will discuss the Insurtech market and how a service provider like Kanopi can benefit both owners and renters of property. It will also give a general understanding of what is happening in the space of insurtech.
The core purpose of insurance companies is to help protect people when they are in a financial crisis or default.
There are many different types of insurtech, much of which can function with property tech in some capacity.
The following are a few examples of insurtech that could benefit the retail property industry.
1) Analytics Software for Risk Management
The software allows insurance agents to have visibility into core tenant-related information such as how many rental units are currently leased, the average rent per month, and occupancy rate.
It helps them better understand what is going on with the properties they insure and who needs to be compensated for a loss.
2) Smart Security Systems
These systems consist of security cameras that can be monitored in real-time while providing analytics about market activity at specific properties.
This information can make it easier for insurance agents to assess what is going on with the property and how to best protect themselves against enormous financial consequences.
3) Real-time Loss Adjusters
These are services provided by insurtech solutions like Kanopi that allow insurance companies to respond in real-time.
It means that if there is a loss, the insurance company can send someone out to assess the situation rather than waiting hours or days for an adjuster to travel from their office.
4)Claims Automation
Insurance services such as these make it easier for an insurance agent to pay claims and, ultimately, protect their clients.
These services automate many of the standard processes that come with completing a claim. It also makes it possible for multiple parties to access information related to claims, which could help insurers estimate losses better and speed up the claims process.
5) Reduce Outdated Systems and Improve Efficiency
Insurance companies that offer insurtech can help decrease costs in many different areas of the property industry.
One of the most significant ways insurance providers can help is by reducing their clients’ outdated, legacy systems costs. These are manual processes being done by humans, resulting in processing errors and delayed payments for clients.
6) Real-time Data Insights
Having access to real-time data insights can be valuable to insurance companies.
As opposed to waiting several days for data analytics related to key performance indicators (KPIs), real-time analytics allows them to make faster decisions about their business and the risks they are taking.
Final Thoughts
With the rise of insurtech, there are growing opportunities for property tech companies to engage with insurance providers.
Insurance ratings help inform their clients about how well they are managing risks and protecting assets. While both industries have grown considerably over the past few decades, new technologies will continue to drive innovation in both spaces.
