Technological advancement is something that has steadily been increasing in size and pace over recent years. Twenty, even ten years ago, we lived in a world that was positively emboldened by a few set, trialled and tested technological innovations. For the most part, society functioned the same way as it always had (aside from a few little technologically-driven improvisations, that is). Over the years, however, we began to realise that technology could go as far as we wanted it to, and people became positively obsessed with technological advancement in all capacities.

Today, we live in a world that is more reliant on technological influence and digital disruption than ever. Everywhere we look, no matter where we look, it seems that technology has played an active hand in modernising it all. Practically every facet of modern life, every industry that exists today, exists with technological disruption in its midst. Some industries have felt its keen sting for years. For others, it is newer, less familiar. In one particular industry, technological advancement and further disruption is still making its way through the reaches. That sector is none other than the insurance industry.

The technological advancement of a traditional industry

The insurance industry is quite old now, and so it has existed in a moderately traditional frame of function for as long as it has been around. Until now. Finance as an industry has been subject to technologically-driven modernisation for a few years now, but the insurance facet of finance has managed to remain relatively untouched. Until now. Insurance technology is one of the latest – and definitively the greatest – uses of technological disruption in the finance industry ever, and it has already had a significant impact in the way of the modern world. Insurtech essentially refers to any technological innovation that serves to improve any functions, processes, or systems and access to do with insurance.

Why modernising insurance is so important

The way of the world is moving in a decidedly digitally-inclined direction. It is so important to modernise insurance through technology for one simple reason: consumer expectation. As the rest of the world has embraced and even come to encourage and crave technological innovation, consumers have become accustomed, even reliant, on it. This means that they expect insurance dealings to be smarter, faster, more convenient, than ever. Regardless of if it means speaking to insurance specialists in Australia’s Queensland during storm season, or seeking out Cobourg insurance brokers in the USA (or anything or anywhere in between, for that matter), every process in the world of insurance is expected to be up-to-date with the technological paces the rest of the world is experiencing. And thus, Insurtech now shines.

Why everyone should embrace Insurtech for what it offers

The reasons why Insurtech should be so wholly embraced are not unlike the reasons why modernising insurance is so important, but there is one key difference. Those who have pushed against the technological modernisation
of insurance are now lagging, being left behind due to their poor attitude to the modernisation of a world that frankly, needs to change. embracing Insurtech might be daunting for those unfamiliar with its core concepts and
reaches, but at the end of the day, this is a necessity for the way of the future, not a choice that is up to each individual. Step up and embrace modernisation, or be left behind.