Understanding Insurtech
Tan Jee Yee | 03 Aug 2018 00:30
For a number of us, insurance can best be described as a hassle. Not that they’re inessential – when we talk about financial security, insurance is just as vital as having emergency savings.

We certainly can’t expect to readily afford every accident and crisis that befalls us. It’s just that, as far as things mostly appear now, insurance is troublesome to deal with, and sometimes troublesome to get.

Most insurance owners would’ve likely already experienced its exasperating features, up to and including the long processes for filing and receiving claims.

The hassle extends to even before purchasing insurance – often we simply find it hard to understand and determine which insurance product best fits us. We rely on agents and bankers for help, but then the issue of transparency and trust comes in.

Are we overpaying for a bundle of products we don’t need, because the agent needs to collect that commission?

These are the questions we’d ask, but likely don’t get the answers to. All we have is a hassle we’d rather not deal with, yet essential to our lives.

It’s something expected of an industry that is centuries old – which mean that, thanks to a growing proliferation of digital technology, it is ripe for innovation and disruption.

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