Page 26 - November 2020

BigTechs have emerged Clover Health, and Collective Health. er-centric in terms of their services. As
Interestingly enough, it’s not just the
Eric Sibony of Shift Technology
in the Insurance market tech revolutionary companies that rightfully puts it, “If established
Notably large companies with estab- have recently sparked their interest in insurers exploit the new ecosystem for
lished technology, in other words, this industry. Non-traditional players an innovative mindset, they can
Bigtechs have started to enter this have started to look into this industry strategically compete in the game like
industry; either via collaboration or as well. Swedish furniture and home new players”.
investments. Companies like Apple, accessories giant IKEA has introduced
Google, Facebook, and other tech an online insurance product in the
behemoths have started utilized to Netherlands named HEMSAKER. Since
technological prowess in designing they maintain close contact with
next-generation insurance products customers, properly utilizing all their
and instill more competition in this touch-points for their self-made
already-dynamic market. insurance products can surely revolu-
Recently, Apple has secured a license tionize the insurance industry as a
that will allow them to sell third-party whole.
insurance products in India and is
partnering up with Acko General A new mindset for an
Insurance to enter the auto insurance
market. Tencent, one of China’s leading evolving industry
technology companies, have already As the entire industry moves towards
introduced their own product – the disruption, opinion leaders have
WeSure Insurance platform and have devised a new mindset that should be
managed to acquire 25 million users required going forward. The companies It is certain that the world will not ever
and a 40% renewal rate in merely 2 must be agile in responding to be the same. But if the leaders of the
years. The same trend is observed for customer queries and take active Insurance leaders can embrace the
Google, with its increasing collabora- measures to increase customer trust. changes and act accordingly, then an
tion with rising tech-driven health Companies should shift from a product ever-exciting time awaits on the other
insurance companies like Oscar Health, mindset and become more custom- end of the road.

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