Did you know that every company that operates as Insurtech was initially a startup?
On the one hand, insurtech take advantage of technological innovations and apply them to insurance services, when we speak of startup we refer to a human organization with great capacities for change that is responsible for developing highly innovative products and services required by the market where in addition, its design and marketing are customer-oriented.
From the above, we can affirm that both terms include companies that have 3 fundamental characteristics:
- Temporality: they are companies that are starting, regardless of how long they have been operating, there is talk of beginning in the world of the digital Age. All the big Big data companies that we know today such as Facebook, Instagram, Apple, among others, at the time were considered as Startups, to be today large companies.
- Potential Growth: the project itself must be promising, and full of grat potential that will make it a viable company over time and that will not fall in less than two years. By definition, the entire insurance industry has potential growth, and much more today, since more and more things that people want to insure and the ways of insuring them have changed, making the process more dynamic and in demand.
- Exponential Growth: obviously the support of Big Data companies plays a very important role inthis process. Making use of the information that these companies have about their users, it is possible for an Insurtech company to know the preferences of its market, that ism of its customers, what they need most and how much they pay for it. Thus, reaching more end users withour so many intermediaries that make the insurance customer feel far away. All of this is a palpable reality in 2020 and in the immediate and not so distant future for what the future is today.
Startups are having more and more success in the Latin American region, and of course, globally, especially in those regions where insurance services are more valued such as the United States and some Asian giants such as China that cannot be absent.
These companies, by scaling so fast, allow for an incredibly fast payback on the money invested in transformation. New companies or startups grow at a much greater speed than a traditional company in the same sector, which is why so many insurance companies have scaled so quickly today, leaving large traditional insurance companies behind or behind in a few years.
At LISA Insurtech we have strived to keep the insurance industries innovating every day through cutting-edge technology and reinforcing their main focus, the policyholders. Learn more about us! Contact us by clicking here.