Insurance was once a miscellaneous benefit. But today, by gaining immense importance, it has become a basic need of society. Insurers face a critical need to meet multiple demands in terms of liability, reliability, profitability, security, and flexibility. By leveraging a gamut of technologies such as cloud computing, IoT, AI, robotics, big data, and machine learning, companies found innovative ways to achieve their mission-critical goals. The revolution of insurance technology transforms the industry-critical processes like underwriting, quote generation, policy risk management, payments of premium and claims, and more.
Enabling the insurers to automate operations, digitalize insurance management systems and customize policies and executions as per the varying customer interest insurance technology underpins digitized solutions. The insurance technology introduces an all-new paradigm by helping the insurance companies streamline data records, customer interactions, and policy checks by developing a discrete set of purpose-centered software solutions, which support accurate data monitoring, secured business transaction, and high-speed processing. Catering to global insurance companies, the stream of software advancements delivers valuable insights into smart data analytics, data acquisition, and customer-policy preferences.
In order to keep pace with the technological transformation occurring in the insurance domain, business leaders are looking for new and upcoming solutions that drive operational efficiency in their organizations. In order to help them keep abreast of the various happenings in insurtech, a distinguished panel, comprising CIOs, CEOs, CTOs, analysts and the CIO Applications editorial board, has evaluated and featured the insurtech solution providers that have achieved milestone developments in the domain. In this edition of CIO Applications, we present to you the “Top 25 Insurtech Companies - 2018”.