Insurtech to the Rescue for Carriers, Policyholders
Robert Regis Hyle | July 17, 2017
Insurance will always be about fulfilling the promise to policyholders when something happens, but in recent years there has been a subtle switch in the way some carriers are going about their business. Perhaps fueled by some of the insurtech capabilities that are flooding the industry, many carriers are concentrating on what they can do to prevent claims rather than wait around for something bad to happen.
Insureds are appreciative when their carrier steps up and tries to make them whole again after an accident, a storm or a fire takes place, but to say that some of these events are an inconvenience is really an understatement. Having to wait for your car to get fixed at a body shop can be a pain for someone who needs their car every day, but imagine what it is like for the homeowner who has to spend weeks or even months living in another space while dealing with all manner of construction and payment issues.
The tools that are available to carriers and policyholders may not do much when dealing with tornadoes, hurricanes, earthquakes or gigantic sinkholes, but there are some more mundane claims that could be taken care of even before something bad happens.
One insurer, Hippo, featured in the August issue of ITA Pro, is working with an insurtech named Roost to provide every policyholder with a sensor that goes under your water heater to warn you if there are potential leakage issues. Fixing or repairing a broken water heater will pale in comparison to the deductible you would have to pay if a claim is made, not to mention the items damaged in a flooded basement. Insurance can replace carpets and chairs, but it can’t replace memories. There’s no deductible for that.
Certainly, not paying claims is a major benefit to insurance carriers, but the benefits don’t stop there. Fewer claims will translate into lower premium costs for policyholders and fewer disruptions in their lives. That’s a win for everybody.
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The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2019
The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.
ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
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