What is Plug and Play Insurtech?
In 2016, Plug and Play launched an innovative program called Plug and Play Insurance that comprised of industry-leading insurance providers, reinsurers, and brokers. The program aimed to help startups targeting the insurtech space gain insights and guidance from leading industry companies. It also enabled established insurers to access innovative technologies with the goal of remaining competitive.
Is Plug and Play Insurtech a Good Concept?
The truth is that the insurance sector needs innovation for the development of new opportunities. Plug and Play technology facilitates this innovation by creating a platform that connects established insurance providers with innovative startups. This unique concept will lead the insurance industry towards a better, technologically-advanced future.
Over the years, Plug and Play insurtech has accepted startups that focus on creating disruptive business models, product innovation, distribution, advanced analytics, and user experience. The programs designed by them help growth-stage startups take part in themed workshops, deal flows, and face-to-face interactions with big insurance corporations. The startups are able to obtain funding from the Plug and Play initiative.
It’s an exceptional concept for driving innovation in the industry as it enables startups to obtain potential pilot project opportunities and work with industry leaders. Plug and Play Insurtech facilitates digital insurance growth and enables startups to help fill technology gaps in the industry.
Should You Become Part of a Digital Insurance Ecosystem?
The insurance industry continues to be an industry with outdated legacy systems and time-consuming form-filling. Even though it has started to adopt technology, it continues to play catch up with other industries. As digital efforts continue to increase, insurers will need to consider offering insurance as an add-on service by becoming part of a digital insurance ecosystem. Plug and Play Insurtech will enable insurance companies to force partnerships with other businesses that can offer policies as an add-on service for their customers.
Becoming part of a digital insurance ecosystem will offer the following benefits:
● It will enable insurance businesses to offer seamless services to their customers, who can easily switch between related services. Clients can use a simple digital interface to perform various tasks and benefit from multiple services simultaneously.
● Digital insurance ecosystems will enable your business to sign mutually beneficial agreements with other businesses and expand your reach.
● Being part of a digital insurance community will help your business grow and remain ahead of your competitors by creating personalised, customer-centric services.
A digital insurance community and ecosystem will help focus on risk prevention and force crucial partnerships. For instance, your business could partner with IoT providers to generate customer data and engagement. It will also help to look for prospective fruitful alliances that will deliver quick results.
Wesurance is a UK-based Insurtech company that offers a platform for insurance companies and brokers to create and sell Insurance eCommerce. Build digital insurance without IT assistance using a drag-and-drop platform. Find out more here.