How Insurance Technology is shaping the insurance industry

InsurTech is enabling insurance businesses to analyse more relevant information about the way people go about their daily lives in order to help them avoid risky behaviour and innovate better products and services. Social media platforms that we use everyday have become a new source of information about how people live everyday and advanced technology allows insurance companies to process all of this information in order to have an enhanced view of a person’s insurance risk profile.

Lengthy paperwork and consultation has been like a tradition in the insurance industry for a long time and this makes the process of applying for insurance inconvenient at times. New tech applications have simplified many of these processes and cut down time spent on applications immensely. People may be more inclined to see insurance as a necessity and less of a grudge purchase as innovation in the InsurTech space deals with some of the inconvenience in getting insurance cover and pay-outs.

HarvyT hosts Kevin Ssemwogerere who is a Chartered Accountant and Digital Innovator on the AreaCode show, to hear his independent Tech Business Insights.