InsurTech a Quagmire Looked Upon as The Magna Carta of Insurance Penetration!

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InsurTech a Quagmire Looked Upon as The Magna Carta of Insurance Penetration! Unless we relook our perceptions and approaches to the term "InsurTech", we might not collectively achieve the desire insurance penetration victory we all are fighting for to happen in the shortest possible. The Problem Why because most of us the actors in the industry are "concentrating on the shadow not the object" -Shadow = Technology -Object = Insurance One thing is certain if we wish to change the dynamics of insurance in this era, the traditional insurance principles and theories can never be left out. Personally, I have noticed clients are more concerned about how tailored are products to their needs rather than how easy policies are delivered to them. I think this is one reasons why even with the birth of hundreds or thousands or InsurTech globally, insurance penetration is still very low. We shouldn't forget the name is #InsurTech that is Insurance and Technology combine, not the other way round "TechInsur". What does this mean to us? We should keep in mind the insurance aspect is primordially important to the technology. Often than not when InsurTech competitions are rollout I have the impression the judges dwell mostly on the technology aspect of the solutions presented by competitors with little concern on the products may protect life and property which is the main goal behind insurance. We can't deny the fact technology is the panacea to drive insurance penetration through cost reduction, accessibility and availability. The Eye Opener I admire a couple of traditional insurers in ecosystem for their ability to stay tuned to insurance principles and theories while leveraging on technology. A great example are traditional insurance companies changing the status using insurance principles and theories while leverage on technology. Recommendations Technology companies investing and or developing solutions to help increase/ improve insurance penetration should start collaborating very closely with agents and brokers who will develop tailored products to exploit their tech solutions. The earlier technology companies realize traditional underwriters, brokers and agents are not their rivals the better. They should apply the principle of "Collaborative Competitiveness". In addition, InsurTech developers may take another route by taking certificate, diploma programs why not certified with recognize insurance study program providers. This will enable them to have basic knowledge on what clients expect and want from us. Please feel free to share your thoughts! By: Newton Bezeng #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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