By Vasyl Soloshchuk
CEO and Managing Partner, INSART
and Dr Yuri Kartashov
CEO, Euclid Research Centre
The insurance industry is transforming at a fast pace. This is primarily due to the impact of a variety of breakthrough technologies, such as cloud computing, the Internet of Things (IoT), telematics, the blockchain, and artificial intelligence (AI). Insurance services have been modified to satisfy customers’ expectations and need for lower costs, increased transparency, and high processing speed.
Due to differences in the development of societies in various parts of the world, prospects for each trend differ significantly. We explore what prospects each trend of InsurTech has and how they may evolve depending on regional differences.
Peer-to-Peer (P2P) Insurance
The P2P model is not new to the insurance industry. It has existed for hundreds of years; now devices and the Internet have made it possible to find people with similar insurance interests, help them get into communities, and organize insurance coverage.
A couple of years ago this stream seemed to be truly disruptive, but in reality it has not been as impactful an option as originally thought. The reasons for this are:
- People are not willing to make their insurance claim history available to strangers, despite being in the same insurance community.
- Policy-holders need to govern and assess risk potentials for other members of their community, otherwise they will not ...