Yes, the world has changed. It will no longer be the same world we experienced before the Corona. Even if the virus disappears the experience remains, the Coronavirus disease will undoubtedly a dramatic effect on the human life. The insurance industry is shaking up. The need to cover the damages caused to customers by the virus but not less the decline in sales and revenue
The InsurTech world is going through a difficult time. Especially because most of the startups are early-stage companies that need external funding for their activities and some of the applications is not perfectly prepared
However, the InsurTech industry can greatly assist the world and the insurance industry fight the virus and its business effects on the industry. Healthcare technology, Wellness programs, Cyber security, service and sales Apps can provide a solution in the fight against the virus and the ability of the insurance world to continue and moving forward
As know the Israeli InsurTech industry is very active ,impressive and especially now in this turbulent period we can see some of the Israeli InsurTech technologies already respond to the struggle and help the insurance industry especially in – Cyber insurance, wellness, sales, Services and help centers.
Health and medical struggle- Two InsurTech startups find themselves at the forefront of the struggle. The Israeli InsurTech startup Binah.AI has developed a system that, based on a short video of the human face, can diagnose a number of symptoms that can indicate the inventions of the virus. In the coming months can even detect body temperature, which can certainly monitor patients quickly
Another compelling technology that helps fight the virus is Serenus.AI an Israeli InsurTech startup. The Serenus.AI technology can be implemented with regard to various medical decisions (diagnostic or treatment), including the current Coronavirus disease (COVID-19). It would allow medical professionals to provide the right treatment for the right patient, eliminating or easing professionals’ exhaustion and compensating for the lack of sufficient resources and manpower to provide the appropriate medical help.
Additional medical services are provided by Air doctor another Israeli tech. Air doctor solution for locating a close doctor allows the insurance company clients to receive quality and controlled medical services. the coronavirus really helped them see how services like air doctor can have huge benefits for insurers during normal times and especially during outbreaks. InsurTechs that know how to reduce loss ratio for insurers and also create a better customer journey that can impact sales and loyalty are crucial
Another important area is cyber insurance. Now that most of the employees in the world are working from home and connected to the enterprise computer systems remotely, the danger of hacking into enterprise IT systems and the potential for serious damage to customer activity. An interesting Israeli InterTech company that answers this fret is GamaSec the Israeli Insurtech startup utilizes the newest and most advanced virtual hacker technologies to detect and prevent cyber-attacks via websites for enterprises. peace of mind to continue doing business helping insurance companies to protect them clients.
Base on the fact that most of the employees work from home it will increase the need to have a cyber insurance but how we can sale it on these days? we can do it online. Kovrr technology (an Israeli Insurtech startup) allows insurance companies and customers to purchase cyber insurance by conducting an immediate risk assessment using Kovrr specialized technology, underwriting and quoting and providing insurance coverage to customers on the spot. I believe this is the only insurance product to sale in the near future and Kovrr produces the platform for selling the product
When the clients at home and without significant physical activity they can create ongoing medical problems. The Wellness activity is one of the solutions that the insurance industry can use to Improve the health of them customers is Wellness. Two Israeli startups are helping the clients to manage and maintain healthy lifestyles these days as well.
.Shapa, Israeli Insurtech startup develop a product for a daily routine at home that becomes much more important for instilling a sense of control for the individual. Using the Shapa scale and the ritual of stepping on it daily as a visual reminder of one’s health goals can help bring normalcy and routine back into daily life. The Shapa scale, and program, reinforces that although there is a lot we can’t control right now, we do have control over the decisions.
Rumble an Israeli tech company. The Rumble Wellness platform answers the needs of a health-; particularly in regard to maintaining and improving personal health while cultivating a sense of online community for employees, staff, customers, or policyholders
With an all-in-one mobile system built for bettering physical, mental, and emotional wellbeing, users of the platform can earn coins, redeemable for real incentives, through their actions in the app.
The sales are the most affected area in the insurance world, so the solution to increase sales is increasing the use of insurance applications online. and why? Since customers now will not purchase insurance as usual. If the insurance company has an on-demand insurance solution, I assume that a large proportion of the customers will not cancel the policies and the company’s customers will also remain clients during this period and will use the product when needed. Yous an Israeli InsurTech startup is automatically On demand App that thinking outside the box they allow insurance companies to continue to sell insurance at a lower level than usual, but still retain their customers with them and still manage to sell insurance.
Services and IT Infrastructure
Perhaps the most active departments in the insurance companies today. Three interesting Israeli InsurTech startups have developed great products for this purpose.
EasySend has developed a Digital customer journeys in insurance. When face-to-face is no longer an option, digital journeys will help enterprises to give service to their customers, even when they can’t leave their homes.
Kryon Increases Frequency of Online Training Courses for Customers and Partners With the spread of Coronavirus’ effect, there is a global effort to adjust behavior and avoid infection – both at home and at work.
Leo the Israeli Chatbot company for the insurance industry provide a turnkey solution for automating many standard customer support functions, from claims handling and certificates to changes in policies and Q&A. A bot is easy to implement, and it requires no special remote access permissions to remain operational. During this interrupted period, a chatbot can keep things running smoothly, making it possible for you to continue to effectively address your customers.
The IT Infrastructure In these challenging times where insurance companies are facing increasing demand for remote support and delivery of mobile and new digital services, OpenLegacy can help by providing the IT team with a platform accelerating and simplifying the process of exposing data and functionality captured in legacy and on-prem systems as modern APIs. Having digital services that are Microservices based APIs will provide the agility and speed that the customers require and minimize the dependency of face to face services
OpenLegacy is an innovative and proven microservices based API integration platform that can enable insurance companies to test and adopt all the above-mentioned products quickly, remotely and in a cost-effective way