Evolution of insurance technology

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Technology has impacted the world in practically every way imaginable. It is common knowledge that we live in a world today that is entirely and positively saturated in feats of digital innovation and technological proficiency. This is how the world functions, and this is the world that we have single-handedly created for ourselves. Technological advancement is not a new concept by any means, but it is one that has shifted into high gear in recent years. Now, it is as common a feature in modern society as the roads and flight paths and oceans that pave the way from one destination to another, all over the world. Even in the unlikeliest of ways – in the insurance sector, for example – technological innovation has changed the world, and continues to do so. But how did we get here?

The world shifts into motion towards a digital future

As little as fifty years ago, the world was a very different place. Over time, the way of the world began to shift, change with the tides. Technologies began to become more commonplace, and societies the world over started to modernise by way of technological advancement and further digitalisation. As time moved us on, and we became more familiar with these technologies, they started to develop further at an exceedingly rapid pace. And then entered more and more new branches of technology, until today, here we are, saturated in it all – and even still, craving more.

Technological innovation disrupts global industries

Technological impact began to hit industries all over the world, along with practically every facet of life as we knew it. Practically every industry in the world was revolutionising via technological advancement. In terms of the finance industry, for example, technology disrupted by automating time-consuming and tedious processes and systems, effectively freeing up time for finance professionals to spend more time on other aspects of their jobs that demanded more attention to detail and acute human-driven action. And now, most recently, technology has infiltrated the insurance facet of finance. Aptly named Insurtech, this is a technology that is only just getting started, but is already making waves.

Technology finds the insurance facet of finance

Technological disruption has been in motion in the finance industry for a few years now, but it is only quite recent that it has disrupted the insurance facet of finance. Starting small, it started with allowing for insurance companies to automate notices of mail to clients, emails, meeting schedules, processes and tasks like that. Of course, companies like Informeo are designed to help clients bridge the gaps in understanding. Now, thanks to technological innovations like the development and maintenance of apps and websites, this is easier than ever. In essence, Insurtech has changed the finance industry again – and all for the better. Thanks to technological innovation in the insurance sector, people finding it easier, more efficient, faster, and smoother to action, organise, oversee, and keep track of all things not only finance, but also insurance-related. This is the new norm, and this is just the start.

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